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.
A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.
Attempts to stop some of the world’s biggest companies shifting profits across borders to avoid paying tax are “in peril” following Donald Trump’s definitive win in the US presidential election,
While Singapore still holds advantages in location, language proficiency, and financial services, rising costs are prompting Japanese and European companies to consider relocating specific functions,
Almost 50% of firms across Europe, the Middle East and Africa reported that anti-money laundering regulations were not clear or lacked an address of modern systems, according to PwC’s latest EMEA