Post: Inclusion of the United Arab Emirates on AML blacklist requires ESMA to withdraw the recognition decisions of three CCPs

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre):

Dubai Commodities Clearing Corporation;
Dubai Clear LLC;
Nasdaq Dubai Ltd.
This withdrawal follows the addition of the United Arab Emirates, by the European Commission, to the list of high-risk third countries presenting strategic deficiencies in their national anti-money laundering and counter financing of terrorism (“AML/CFT”) regime, on 16 March 2023.

In order to minimise potential market disruption, ESMA has provided for an adaptation period of three months. The withdrawal of recognition decisions will therefore enter into effect on 25 October 2023. From that date, the three CCPs concerned will no longer be permitted to provide clearing services to clearing members or trading venues established in the EU.

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