News

The United Arab Emirates exited the Financial Action Task Force's "gray list" of countries with subpar efforts to control illicit finance Friday after making "significant progress" towards addressing a range of shortcomings that came to light in an onsite evaluation in 2019. At the conclusion of its latest three-day summit in Paris, FATF praised the UAE for opening more cases against suspected money launderers, bolstering its financial intelligence unit, boosting cooperation with overseas authorities and imposing "effective and proportionate" penalties on companies caught breaching anti-financial crime regulations. The UAE spent less than two years on FATF's gray list of jurisdictions...