The UAE needs time to demonstrate the effectiveness and enforcement of policies introduced against financial crime before it can be removed from the Financial Action Task Force ‘grey' list, the economy minister told Reuters at a London conference.
"We have addressed many challenges. But what really needs to be seen now is a lot of effectiveness and I think that comes with time," said economy minister Abdullah bin Touq Al-Marri at the City Week conference in London.
Marri said the UAE had managed to address many of the FATF's 58 original concerns and had around 15 left.
"We've managed to close a couple of (them) and I think there are more to come in the next couple of months."
International Investment reported in March last year the grey listing by FATF and the industry reaction that followed.
