Friday Dubai was added to the Financial Action Task Force's 23-member list, inclusive of Yemen, Syria, and South Sudan. The FATF stated that grey-list nations are "actively cooperating with the FATF to resolve strategic gaps in their regimes to tackle money laundering, terrorist funding, and proliferation finance." Officials from the UAE announced they would work hard to satisfy the taskforce's demands, which included expanding prosecutions and detecting sanctions evasion. The UAE takes its role in protecting the integrity of the global financial system extremely seriously.
The UAE, which is rich in natural resources, has evolved into a crossroads connecting the Middle East, Europe, Central Asia, and Asia. Dubai boasts the world's busiest airport and one of the biggest marine ports in terms of international passenger flow. Experts and international organisations have long criticised the desert country's unwillingness to crack down on shady financial activities, despite the fact that it has effectively diversified its economy away from oil. It has also mentioned that UAE will continue its efforts to maintain financial system’s stability and integrity.
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