The Financial Action Task Force (FATF) has dropped the United Arab Emirates (UAE) from its “grey list”, making it a win for the country looking to bolster its international status.
Following its delisting, UAE — which is home to a dazzling financial hub Dubai — is now among the countries that are no longer on the global watchdog’s list of countries at risk of illicit money flows.
The FATF’s grey list comprises around two dozen countries that are currently considered risky in terms of their lack of tackling financial crime. The Gulf nation — that remains a millionaire, bankers and hedge funds’ magnet — was listed under strict scrutiny in 2022.
The country’s delisting is a coup for the one-time regional pearl and fish trading hub which is now one of the world’s wealthiest nations after the discovery of oil in Abu Dhabi in the late 1950s.
