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UAE placed on money-laundering grey list, promises 'robust' response

Abu Dhabi's skyline across the Gulf waters in the Emirati capital
— Dubai (AFP)

The United Arab Emirates has promised "robust actions" against money-laundering and terrorist financing after the Middle East financial hub was placed on a grey list of countries subject to heightened scrutiny.

The wealthy Gulf state, which includes the freewheeling trade-to-tourism hub Dubai, was named on the Paris-based Financial Action Task Force's 23-strong list on Friday, joining the likes of Yemen, Syria and South Sudan.

Grey-list countries are "actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing", the global watchdog said in a statement.

UAE officials said they would strive to meet a list of requirements laid down by the taskforce, including increasing prosecutions and identifying sanctions evasion.

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