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 B13373A16).
While recognising the undeniable improvements in the AML/CFT framework in the UAE, the European...