2024-02-23 18:09:00
The Financial Action Task Force on Money Laundering (FATF) announced on Friday that it has removed the United Arab Emirates (UAE) and Gibraltar from the “grey list” of countries and territories that require increased control, Reuters reports, taken over by Agerpres.
Dubai, United Arab EmiratesPhoto: Karim SAHIB / AFP / Profimedia
Also, Barbados and Uganda were removed from the list of countries under surveillance for financial crime worldwide.
Gibraltar, a British territory located at the southern tip of the Iberian Peninsula, is home to many online gambling and crypto firms, while the United Arab Emirates is home to Dubai, a major financial services hub in the Middle East, where many banks are headquartered. global.
Even though it was graylisted, the United Arab Emirates continued to attract billionaires and is an increasingly popular destination for crypto firms and Russians in the context of the war in Ukraine.
In 2023, the UAE surpassed Belgium to become the most important trading center for rough diamonds.
However, European officials have a different opinion. The United Arab Emirates is on the EU’s list of high-risk countries for money laundering and terrorist financing, along with other countries such as South Africa, North Korea and Afghanistan.
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