FATF removes UAE, Uganda, Barbados and Gibraltar from gray list of countries | World News – Business standard
Representative Image (ANI)
An international watchdog said Friday it is removing the United Arab Emirates from the so-called gray list of countries that are not taking full measures to combat money laundering and terrorist financing.
The announcement was made by the Paris-based Financial Action Task Force after its meeting in the French capital. The FATF welcomed the UAE’s “significant progress in improving policies to combat money laundering and the financing of terrorism.
Barbados, Gibraltar and Uganda will also be removed from the FATF gray list, the watchdog said in a statement after the plenary meetings on Friday.
They “will no longer be subject to the FATF’s enhanced oversight process,” the watchdog said in a statement.
Being on the watchdog’s gray list could deter investors and creditors, hurting exports, production and consumption. It can also make global banks reluctant to do business with a country.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: February 24, 2024 | 7:06 am IST