The European Union has officially removed the United Arab Emirates (UAE) from its list of "high-risk" countries for money laundering, while adding Monaco and nine other nations for closer scrutiny. The updated list, released by the Eu
TDT | Manama
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The European Union has officially removed the United Arab Emirates (UAE) from its list of "high-risk" countries for money laundering, while adding Monaco and nine other nations for closer scrutiny.
The updated list, released by the European Commission, names Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela as new entries, alongside Monaco. These jurisdictions will now face enhanced monitoring of their financial systems to combat money laundering and terrorism financing.
In contrast, several countries were taken off the list due to improvements in their regulatory frameworks. These include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the UAE.
The changes follow global updates from the Financial Action Task Force (FATF), which earlier this year removed the Philippines from its increased monitoring list, while adding others such as Laos and Nepal. The EU’s list aligns with FATF’s assessments and aims to safeguard the bloc’s financial system from external risks.
