UAE removed from FATF's 'grey list'

• The Financial Action Task Force (FATF) has decided to remove UAE from its 'grey list'.

• The UAE was placed under investigation in 2022 after the FATF highlighted the risk of money laundering and terrorist financing.

• The European Union has listed the UAE as a high-risk country for money laundering and terrorist financing.

• Last year, ESMA barred European banks and others from clearing transactions with the Dubai Commodity Clearing Corporation.

• The fifth Plenary Meeting of the FATF was held in Paris on 21–23 February under the Singapore Chairmanship of T. Raja Kumar.