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.
The United Arab Emirates faces a battle to avoid inclusion on an international watchlist after the Financial Action Task Force found that local authorities have failed to protect their economy from abuse by money launderers and sanctioned parties based overseas.