FATF places UAE on its ‘gray list’

The UAE has been placed on the grey list over concerns that the Persian Gulf country isn’t sufficiently stemming illegal financial activities, Bloomberg said.

Being put on the grey list and being subject to greater oversight is due to shortcomings in tackling illicit finance, potentially complicating local operations for Wall Street banks and multinationals that use Dubai as their Middle Eastern hub.

Other countries on the gray list include Pakistan, Turkey, Jordan and Yemen, CNBC reported.

KI