The international watchdog said on Friday it would remove the United Arab Emirates from its so-called gray list of countries that do not take adequate measures to combat money laundering and terrorist financing.
The announcement was made by the Paris-based Financial Action Task Force after a meeting in the French capital. The FATF welcomed “significant progress in improving” the UAE’s anti-money laundering and counter-terrorism financing policies.
A photo taken from ‘The View at Palm’ shows a view of the Burj Al Arab and Dubai Gulf Emirate (taken on January 10, 2022). (GIUSEPPE CACACE/AFP via Getty Images)
Barbados, Gibraltar and Uganda will also be removed from the FATF’s gray list, the watchdog group said in a statement after Friday’s general meeting.
They will be “excluded from the FATF’s enhanced oversight process,” the watchdog group said in a statement.
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Being on the watchdog’s gray list could scare away investors and creditors, negatively impacting exports, production and consumption. They may also be wary of doing business with countries that have global banks.
