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.
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.
Being 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.
The UK government has unveiled partial details of its plan to replace the resident non-domicile (non-dom) tax regime with a four-year Foreign Income and Gains (FIG) system, effective from April 2025,
Main takeaways: On 23 May 2024, the Minister of Finance submitted a draft law No. 8388 with the Luxembourg Parliament (the “Draft Law”) proposing several new tax measures, mainly: Amendment and
Tracking crypto transactions in real-time is something the Kenya Revenue Authority (KRA) is doing in big measure. This action is meant to solve the rising tax losses in the nation resulting from ineffective
The UK government has granted greater powers for the National Crime Agency (NCA) and police to seize, freeze and destroy cryptoassets used by criminals, effective today. Criminals, including drug traffickers,