Global anti-money laundering watchdog the Financial Action Task Force (FATF) said Friday that it had removed the United Arab Emirates from its “grey list” of countries subject to increased monitoring, while Kenya and Namibia were added.
Countries on the grey list have “strategic deficiencies” in their efforts to counter money laundering and terrorist financing, but are cooperating with the FATF to correct the problems and are subject to increased monitoring. In addition to the UAE, Barbados, Gibraltar and Uganda were removed from the grey list.
A total of 21 nations are currently on the list. More than 200 countries and jurisdictions have pledged to implement the recommendations of the FATF. The FATF also has a “black list” of nations which are considered high-risk jurisdictions.
Countries are urged to apply countermeasures against Iran and North Korea to protect against money laundering and the financing of terrorism and weapons proliferation. Meanwhile, countries are requested to apply enhanced due diligence concerning Myanmar.
The FATF also repeated its condemnation of Russia for its invasion of Ukraine two years ago. It suspended Russia’s participation in the body last year and said its members are taking proactive measures to protect the global financial system given Moscow’s growing financial links to countries subject to FATF countermeasures.
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