UAE is on European Commission blacklist

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Hard times for UAE, unfortunately. But there are some workarounds!

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So seems these EU actions were indeed leaked to press before they happened ns2.

https://www.offshorecorptalk.com/threads/uae-placed-on-eu-blacklist.39925/post-242936
A raft of new countries were added in March also it seems...ouch. Gibraltar and Cayman Islands also stand out which happen to be two British overseas territories 😉.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
So seems these EU actions were indeed leaked to press before they happened ns2.

https://www.offshorecorptalk.com/threads/uae-placed-on-eu-blacklist.39925/post-242936
A raft of new countries were added in March also it seems...ouch. Gibraltar and Cayman Islands also stand out which happen to be two British overseas territories 😉.
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They also added 2 African countries. Eu is so racist, it is unbelievable.
These lists are highly discriminatory and Ursulaland should not allow this to happen.
😉
 
The problems is that it's very hard to get out this EU commission list. Even harder than FATF.
Will see how it will go for UAE. But I think EU bank correspodents will put even more pressure to UAE banks. So we can expect more stuck payments and hard to work through UAE entities
 
Konstanz said:
Konstanz said:
Will see how it will go for UAE. But I think EU bank correspodents will put even more pressure to UAE banks.
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Some may just cut correspondence banking relationships as it's not worth the hassle. And lets be honest there is a lot of dirty or untaxed money flowing into UAE anyway...lol.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
The decision, in my opinion, has nothing to do with KYC or AML - it is all about politics and pressure, as the UAE does not participate in the sanctions against Russia. This is of course a thorn in the EU's side and a desperate attempt by the EU to achieve its goal.
 
apres777 said:
apres777 said:
The decision, in my opinion, has nothing to do with KYC or AML - it is all about politics and pressure, as the UAE does not participate in the sanctions against Russia. This is of course a thorn in the EU's side and a desperate attempt by the EU to achieve its goal.
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That's true and headlines like the below last year don't help sadly.

Dubai and UAE should be blacklisted and face sanctions for sheltering oligarchs and 'dirty money'​

https://www.businessinsider.com/politicians-activists-call-for-dubai-blacklisted-2022-6

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
"The EU Commission also removed Nicaragua, Pakistan and Zimbabwe from the list, highlighting the progress made by these countries in tackling money laundering."

OK guys, these are the places to move to next...
 
Martin Everson said:
Martin Everson said:
Some may just cut correspondence banking relationships as it's not worth the hassle. And lets be honest there is a lot of dirty or untaxed money flowing into UAE anyway...lol.
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The issues will go beyond having more hassle / less choice from EUR correspondent banks. All transactions (bank transfers, real estate, etc.) from UAE to the EU will unfortunately be more scrutinized and seen more suspiciously.
 
pomegranate said:
pomegranate said:
The issues will go beyond having more hassle / less choice from EUR correspondent banks. All transactions (bank transfers, real estate, etc.) from UAE to the EU will unfortunately be more scrutinized and seen more suspiciously.
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does it mean your bank account could get closed if you move to uae or bank would get annoying(for which you are already client) ? incl non eu ?
 
Naïve Question : If Dubai resident running swiss/singapoure company from Dubai ....Does he has any problem running the company while living in Dubai ?
This move affect him also??
This only apply to Dubai bank account and its entity (Freezone company) ?
 
Bill D said:
Bill D said:
What seriously ? You think all people moving their residency to uae will lose their hsbc, sq, saxo, or have harder time with them?
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All these banks/brokerages have branches in UAE. I guess, they will still be able to serve their clients via their branches under UAE license but not from EU. And you won't be able to move funds between EU and UAE accounts anymore. The question is whether it will still be possible via Swiss or UK accounts or whether the EU will blackmail them as well.
 
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