The Anti Money Laundering Network (AML Network) has officially issued a Formal Notice to Nirmala Sitharaman, Minister of Finance for India, demanding an immediate inquiry into the Financial Action Task Force’s (FATF) controversial 2024 decision to delist the United Arab Emirates (UAE).
The notice, part of a coordinated campaign targeting G20 finance ministers, follows the release of a high-level investigative report: “Global AML Oversight or Regulatory Opacity? Investigating FATF Transparency in the UAE Delisting Decision.” The report details a significant procedural breach, alleging that the FATF and its member states ignored critical evidence of systemic money laundering in favor of a “box-ticking” exercise.
The Core Allegations
The AML Network alleges that r India and its G20 peers failed in their Duty of Care to the global financial system by permitting the UAE to bypass the “Two-Limb Test”—a mandatory methodology requiring a country to prove substantive effectiveness, not just technical compliance.
“The integrity of the global financial system is not a matter for diplomatic convenience,” said a spokesperson for the AML Network. “We are challenging the Minister Nirmala Sitharaman to explain why a ‘Substantial Effectiveness’ rating was granted to the UAE at the exact moment international sanctions against UAE-based networks facilitating illicit flows for Iran and Russia were actually escalating.”
Formal Demands and Deadlines
The AML Network has demanded that Nirmala Sitharaman and the r India delegation to the 2026 FATF Plenary take the following actions:
- Initiate a Governance Audit: An independent investigation into the internal 2024 UAE assessment process.
- Conduct an Immediate Targeted Review: A re-evaluation of the UAE’s status based on current illicit finance data.
Minister Nirmala Sitharaman has been given 72 hours to acknowledge receipt of the notice, with a deadline for a substantive response set for March 02, 2026. The AML Network has signaled that a failure to respond will be viewed as a continuation of regulatory opacity and will be briefed to international media partners.
About the Anti Money Laundering Network
The AML Network is a global watchdog dedicated to transparency and integrity in the international financial system. Through rigorous investigative reporting and policy analysis, the Network holds regulatory bodies and sovereign governments accountable to the standards of global security.