At its plenary session on Tuesday 23 April, the European Parliament rejected, by 490 votes to 64 with 56 abstentions, the European Commission’s proposal to remove the United Arab Emirates (UAE) from the list of high-risk third country jurisdictions with strategic deficiencies in their anti-money laundering and combating the terrorist financing regimes (AML/CFT) (see EUROPE 13373/16).
While recognising the undeniable improvements in the AML/CFT framework in the UAE, the European Parliament considers that the removal of the country from the list could nevertheless jeopardise the integrity of the EU’s financial system. It has taken into account the strong exposure of the European internal market to the UAE as a financial and commercial hub. It believes that a more in-depth assessment of the risks and the effective reforms carried out by the jurisdiction is necessary before delisting the country.
The NGO Transparency International EU welcomed the vote in a press release. The European Parliament calls on the Commission to present a new delegated act that takes account of its concerns.
Read the motion to reject: https://aeur.eu/f/bwy (Original version in French by Anne Damiani)