Anti-Money-Laundering Agency Places UAE On Global ‘Gray’ List
An international body fighting money laundering says the United Arab Emirates isn’t doing enough to stop criminals and militants from hiding wealth there.
Paris-based Financial Action Task Force on Friday placed UAE on its “gray list” of 23 countries, including Jordan, Syria and Yemen.
The Emirates, a federation of seven sheikhdoms on the Arabian Peninsula, is home to a multitude of economic free zones and real estate ventures.
Its inclusion on the list could strike at the country’s carefully managed business-friendly image.
Ratings agencies and other financial institutions also consider such a listing as a risk, which can affect interest rates for loans.
Senior Emirati diplomat Anwar Gargash wrote on Twitter the country had “made significant progress in combating financial crime.”
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