Financial crime watchdog adds UAE to 'grey' money laundering watch list | Reuters
Global financial crime watchdog the Financial Action Task Force (FATF) on Friday said Middle East business hub the United Arab Emirates had been included on a list of jurisdictions subject to increased monitoring, known as its 'grey' list.
In addition to further FATF scrutiny, countries on the 'grey' list risk reputational damage, ratings adjustments, trouble obtaining global finance and higher transaction costs, experts say. read more
The UAE, the region's financial capital and a gold trading hub, will work to implement a FATF action plan to strengthen the effectiveness of its anti-money laundering and counter terrorism financing regime, the Paris-based body said in a statement.
In response to the listing, the UAE government said it had a "strong commitment" to working closely with FATF on areas for improvement.
"Robust actions and ongoing measures taken by the UAE government and private sector are in place to secure the stability and integrity of the country's financial system," the UAE said in a statement.
