UAE (Abu Dhabi/Dubai) Poised to Exit Watchdog FATF’s Dirty Money ‘Gray List’ - Bloomberg
The United Arab Emirates is poised to exit a global watchdog’s “gray list” as soon as this week, following a push to clamp down on illicit financial flows in and out of the oil-rich Gulf state.
Assessors from the Paris-based Financial Action Task Force conducted an on-site visit last month and subsequent feedback on the UAE’s action plan noted significant progress by the country, according to people familiar with the matter, who requested anonymity as the deliberations are private.
The UAE is expected to come off the list on Feb. 23, which is the final day of the FATF plenary in Paris, the people said. No final decisions have been made.
Bloomberg reported in October that delegates from at least three members of the FATF, who previously backed the UAE’s inclusion on a list of jurisdictions subject to more oversight, had supported the country’s delisting as early as February 2024.
“It would be unheard of to get to this final stage and not get removed from the list,” said David Lewis, the former FATF executive secretary who’s now a managing director at Kroll. “That said, FATF may still point to further work that needs to be done.”
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