UAE Added to Global Watchdog’s ‘Gray List’ Over Dirty Money
- Decision announced by Paris-based Financial Action Task Force
- UAE reiterates its commitment to working with the FATF
Residential and commercial skyscrapers in the Dubai Marina district of Dubai, United Arab Emirates.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
The United Arab Emirates has been added to a global watchdog’s list of countries subject to greater oversight for shortcomings in tackling illicit finance, potentially complicating local operations for Wall Street banks and multinationals that use Dubai as their Middle Eastern hub.
The Paris-based Financial Action Task Force placed the UAE on its “gray list,” one of two classifications used by the intergovernmental body for nations determined to have “strategic deficiencies.”