The United Arab Emirates, home to the financial hub of Dubai, has been dropped from a global watchdog’s list of countries at risk of illicit money flows, a win for the nation that could bolster its international standing. 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. John Kartonchik, a director at UAE think tank Re/think, said the move could boost confidence in the country and attract more money from overseas. 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. Measures taken by the UAE include increasing financial investigations and prosecutions, boosting international cooperation, and aligning virtual asset regulation with international standards.

Source: The Nation February 24, 2024 14:10 UTC