UAE needs time to show effectiveness to exit financial crime grey list, says Economy Minister

LONDON: The UAE needs time to demonstrate the effectiveness and enforcement of policies introduced against financial crime before it can be removed from a global watchdog’s ‘grey’ list, the economy minister told Reuters. 

The Financial Action Task Force just over a year ago included the UAE on a list of jurisdictions subject to increased monitoring, known as its ‘grey’ list. The UAE responded by saying it was committed to working closely with FATF to improve.