Today came a very big news, which no one even anticipated. The Financial Action Task Force has put UAE in its gray list. According to some media reports, Russia's support to the UAE went unnoticed by the US and Western countries.
Whereas UAE was neutral like India and China. He had voted neither against Russia nor against Ukraine in the UN Security Council. He did not follow America and Western countries in the UN Security Council. This angered the US and all western countries with the UAE.
But it is also true that FATF's summons on UAE was hanging for a long time. Because the business of money laundering was going on on a large scale in UAE. This business was going on for many decades.
The biggest reason for this was that any person could open his company there without paying government tax. The people associated with the crime took great advantage of it. People set up fake companies on a large scale. Then with the help of these companies the game of providing terrorism money and turning black money into white was played.
Turkey, Pakistan and UAE
Turkey and Pakistan are already on the gray list of FATF. Now the United Arab Emirates has also joined the gray list of FATF. Pakistan has been in the gray list of FATF for many years and it is not known how long it will remain in the gray list. Now the problems of the UAE government are going to increase. Because they wanted to remain neutral like India and China. India and China are two big nations, both of them can withstand pressure from America and Western countries. But UAE is a small country. It cannot face the anti-Russian powerful countries.
Other reasons for putting UAE on FATF gray list
• UAE not supporting US and Western countries in Ukraine issue. This could be one of the main reasons for getting into the gray list of FATF. Because at the same time why UAE was put in the gray list. Whereas FATF has been warning the UAE for a long time.
• The second reason is the cancellation of the deal of F-35 fighter aircraft by the UAE with the US.
• UAE’s attempt to buy Chinese fighter aircraft.
However, the people of Pakistan are saying this because Pakistan has become a haven of terrorism in South Asia. There the dangerous terrorists of the world are roaming freely.
UAE admits to financial crime in the country
The United Arab Emirates has acknowledged the financial crime taking place in its country. Therefore, for the first time in history, the UAE announced the imposition of a corporate tax. On this subject, the UAE has said that it is taking steps to eliminate financial crimes from its country. He is identifying and punishing all illegal financial group.
What is FATF?
• The full name of FATF is Financial Action Task Force, which monitors financial transactions all over the world. So that money laundering business can not run from any country.
• The Financial Action Task Force (FATF) was established by the G7 group at the Paris summit in July 1989.
• Its headquarters is also present in Paris, the capital of France.
• The last meeting of the FATF was held on 21 October 2021, in which Pakistan continued to be included in the gray list.
• Russia's member was frozen for invading Ukraine. The US and Western countries want Russia to be expelled from the FATF.
• At present there are 39 member countries in FATF, including all powerful countries like US, India, Russia and China and if Russia is expelled from FATF. So the number of members will remain 38.
• North Korea and Iran are two countries on the blacklist of the Financial Action Task Force.
Countries currently on the gray list
The current meeting of FATF was held on 5 March 2022. In which some new countries were included. 1. Greylisted, Albania, Barbados, Burkina Faso, Cambodia, Cayman, Islands, Jamaica, Jordan, Haiti, Malta, Mali, Morocco, Myanmar (Burma), Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Turkey , Uganda, United Arab Emirates, Yemen, Zimbabwe
