Canara Robeco Mutual Fund (MF) has stopped taking investments from investors in the United Arab Emirates (UAE) after the financial action task force (FATF) added UAE to the Grey List.
Top MF executives said their fund houses have turned cautious when it comes to flows from the Gulf nation, but haven’t stopped accepting investments from the UAE. Most said they will wait awhile before making a final decision.
Canara Robeco MF on its website stated that, “By virtue of FATF adding UAE to the Grey List, it has been decided to provisionally abstain from accepting investments, including existing systematic investment plan/systematic transfer plan from our investors from the UAE. We are internally reviewing the processes to establish enhanced due diligence