The Financial Action Task Force (FATF) has decided to remove UAE from its ‘grey list’.
UAE was placed under scrutiny in 2022 after FATF highlighted the risk of money laundering and terrorist financing.
The European Union listed the UAE as a high-risk country for money laundering and terrorist financing.
Last year, ESMA barred European banks and others from clearing trades with the Dubai Commodities Clearing Corporation.
The fifth FATF Plenary was held under the Singapore Presidency of T. Raja Kumar in Paris on 21-23 February.
The Financial Action Task Force (FATF) is the body for global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society.
