https://www.khaleejtimes.com/uae/uae-european-commission-high-risk-financial-crime

The UAE has welcomed its removal from European Commission's updated list of "high-risk third countries" for money laundering and terrorist financing. In a statement, Ahmed bin Ali Al Sayegh, UAE Minister of State, said that the decision is a testament to the nation's commitment towards combating financial crime.

"The UAE welcomes the European Parliament’s endorsement of the European Commission’s updated list of high-risk third countries for money laundering and terrorist financing. The decision stands as clear, independent recognition of our nation’s unwavering commitment to the highest international standards in combating global financial crime," the statement read.

"The UAE remains a reliable and strategic partner to the EU, committed to ensuring AML/CFT systems are not only robust, but also future-proof and capable of addressing emerging global threats. As one of the world’s fastest growing economies and as a trusted global financial hub, the UAE will continue working with all our global partners to safeguard the integrity of the global financial system," the minister added.

"We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples," he concluded.

Last month, the EU had announced the removal of the UAE from its updated money-laundering "high-risk" list, but added Lebanon, alongside nine other jurisdictions.

The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela, along with Lebanon, to the list of countries subject to extra monitoring of their money laundering controls.

In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda.

A money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal.

The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a "grey list" of nations that are subject to increased monitoring of financial transactions.