UAE, other countries removed from international money laundering watchlist
The Financial Action Task Force, an international watchdog group aimed at combating money laundering and terrorism funding, has removed several countries from its "gray list."
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.
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