EU Removes UAE from Money-Laundering Watchlist, Adds Monaco

Photo : AFP

The European Union (EU) has removed the United Arab Emirates (UAE) from its money-laundering “high-risk” list, which is a big step for the country’s financial reputation.

This list includes countries that need to be closely watched because their rules and systems to prevent money laundering are not strong enough. Getting removed from the list means the EU now sees the UAE as having made important improvements in fighting financial crimes.

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The EU also removed seven other countries from the high-risk list:

• Barbados
• Gibraltar
• Jamaica
• Panama
• The Philippines
• Senegal
• Uganda

At the same time, the EU added 10 new countries, including Monaco, to the list. These countries are now considered to need more attention to stop illegal money flows and protect their financial systems.

The new countries added are:

• Monaco
• Algeria
• Angola
• Ivory Coast
• Kenya
• Laos
• Lebanon
• Namibia
• Nepal
• Venezuela

This updated list helps the EU keep a closer watch on global money movements and push all countries to follow strong financial rules. For the UAE, being taken off the list is a big positive move and shows progress in cleaning up its financial sector.