Arrr mateys, UAE and other lands be sailin' free from the clutches of the money laundering watchlist!
2024-02-23
Arrr mateys, The Financial Action Task Force be strikin' countries off its list o' suspect scallywags who be launderin' their loot and fundin' terror! No longer be they walkin' the plank, but keep a weather eye on 'em, ye never know when they'll be back in Davy Jones' locker! Aye!
In a jolly turn of events, an international watchdog announced on Friday that the United Arab Emirates, along with Barbados, Gibraltar, and Uganda, were being removed from the dreaded gray list of countries that don't quite meet the standards for fighting money laundering and terrorism financing. The announcement was made by the Paris-based Financial Action Task Force, following a meeting in the jolly ol' French capital.The FATF was pleased with the UAE's "significant progress in improving" its policies in these areas. The removal from the gray list means that these countries will no longer be subjected to the FATF's increased monitoring process.Being on the gray list can be quite a fright for investors and creditors, as it can scare them away and have negative impacts on a country's economy. Additionally, global banks may become quite wary of doing business with countries on this list.So, it seems that the UAE and its mates have scrubbed the decks clean and are now free from the shackles of the gray list. A jolly good day indeed for these maritime nations!