UAE out of FATF grey list

• The United Arab Emirates’ has been removed from the grey list, nearly two years after its inclusion by the Financial Action Task Force
• It will ease the road for the country’s investors seeking to acquire significant influence in Indian NBFCs.

ABOUT FATF

• The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
• It was set up in 1989 out of a G-7 meeting of developed nations in Paris.
• The Secretariat is located at the OECD Headquarters in
• It sets international standards that aim to prevent these illegal activities and the harm they cause to society.
• It leads global action to tackle money laundering, terrorist and proliferation financing.
• It researches how money is laundered and terrorism is funded, promotes global standards to mitigate the risks, and assesses whether countries are taking effective action.
• About Lists
  • Black List–High-Risk Jurisdictions subject to a Call for Action
    • It identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation.
    • Three nations are in black list-
      • Democratic People’s Republic of Korea
      • Iran
      • Myanmar
    • Grey List
      • It identifies countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
      • When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.