The Financial Action Task Force (FATF), a body that groups countries from the United States to China to tackle financial crime, on Friday dropped the UAE from its 'grey list' of around two-dozen nations considered risky. Markus Meinzer, director of policy at the Tax Justice Network, which campaigns for financial transparency, said the removal of the UAE showed the FATF list was ineffective. Jonny Bell, director of financial crime compliance and payments at LexisNexis Risk Solutions, said the UAE would likely continue strengthening its anti-money laundering and counter-terrorism financing measures. There is increasing competition among Gulf states to develop non oil sectors such as financial services, trade and logistics, and tourism. Measures taken by the UAE include increasing financial investigations and prosecutions, boosting international cooperation, and aligning virtual asset regulation with international standards.
