The Financial Action Task Force (FATF), a body that groups countries from the United States to China to tackle financial crime, dropped the UAE from its ‘grey list’ of around two-dozen nations considered risky on Februaruy 23.
The Gulf country, a magnet for millionaires, bankers and hedge funds, was placed under closer scrutiny in 2022, when the FATF highlighted the risk of money laundering and terrorist financing involving banks, precious metals and stones as well as property.
Major victory
The delisting is a coup for the UAE as it had made getting off the list a priority, bolstering its anti-money-laundering efforts in a drive spearheaded by the minister of foreign affairs and brother of President Mohamed bin Zayed Al Nahyan.
