UAE Exits Watchdog’s Dirty Money List in Quick Turnaround
- Gulf state has been clamping down on illicit financial flows
- Move may lead to smoother FX transactions, increased trade
United Arab Emirates flags are set up along the beach in Dubai.
Photographer: Giuseppe Cacace/AFP/Getty ImagesThis article is for subscribers only.
The United Arab Emirates was removed from a global watchdog’s “gray list” on Friday, less than two years after the Gulf state’s demotion, capping a push by local authorities to clamp down on illicit financial flows.
The Paris-based Financial Action Task Force highlighted how the oil-rich country had strengthened its regime for anti-money laundering and combating terrorist financing. “The UAE is therefore no longer subject to the FATF’s increased monitoring process,” the watchdog said in a statement.