The United Arab Emirates (UAE) has been removed from a global watchdog’s list of countries deemed at risk of illicit money flows.
This development is considered a victory for the nation and could enhance its international reputation. The Financial Action Task Force (FATF) announced on Friday that it has removed the UAE from its ‘grey list’ of around two dozen nations considered risky.
In March 2022, the Gulf country which attracts millionaires, bankers, and hedge funds, came under increased scrutiny when the FATF identified the risk of money laundering and terrorist financing involving banks, precious metals and stones, as well as property.
Making its removal from the list a priority, the UAE intensified its efforts to combat money laundering, spearheaded by the Minister of Foreign Affairs and the brother of President Mohamed bin Zayed Al Nahyan.
John Kartonchik, a director at UAE think tank Re/think, said that this move could boost confidence in the country and attract more foreign investment.
“Investors may feel more secure,” he said.
Despite being on the grey list, the UAE has remained attractive to wealthy individuals worldwide. Furthermore, it has become an increasingly popular destination for cryptocurrency firms and Russians, particularly in the wake of the conflict with Ukraine.
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