A worldwide watchdog FATF has taken the United Arab Emirates (UAE) off its list of nations where there is a suspicion of illicit money flows.
This development is regarded as a national triumph and has the potential to improve the country’s standing abroad.
The UAE has been taken off the Financial Action Task Force’s (FATF) “grey list,” which included over two dozen countries deemed dangerous. The FATF made this announcement on Friday.
The Gulf nation, which draws hedge funds, millionaires, and bankers, came under more investigation in March 2022 after the FATF discovered a potential link between property, precious metals and stones, banks, and terrorist funding.
The UAE stepped up its efforts to combat money laundering, with the Minister of Foreign Affairs leading the charge, and made its removal off the list a priority.
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