An international watchdog said Friday that it was removing the United Arab Emirates from its so-called gray list of countries that don’t take full measures to combat money laundering and terrorism financing.The announcement was made by the Paris-based Financial Action Task Force following its meeting in the French capital. The FATF welcomed the UAE’s “significant progress in improving” its anti-money laundering and counterterrorism financing policies. A picture taken from “the View at Palm” shows the the Burj al-Arab and a view of the Gulf emirate of Dubai 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 said in a statement Friday following its plenary meetings.They “will no longer be subject to the FATF’s increased monitoring process,” the watchdog said in a statement.CLICK HERE TO GET THE FOX NEWS APPBeing on the watchdog’s gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country.
Source link
