EU Removes UAE Adds Multiple Countries to Money Laundering Risk List

The European Union has removed the United Arab Emirates from its list of high-risk countries for money laundering and terrorist financing, signaling a recognition of the UAE's improved anti-money laundering and counter-terrorism financing measures. Simultaneously, the EU added Monaco, Lebanon, Kenya, Algeria, Angola, Ivory Coast, Laos, Namibia, Nepal, and Venezuela to the list of jurisdictions requiring enhanced monitoring and strengthened controls. This update aligns with the EU's commitment to international standards set by the Financial Action Task Force (FATF) and reflects ongoing efforts to increase financial transparency and combat financial crime. The revisions will be subject to scrutiny by the European Parliament and member states before entering into force. Monaco, newly added to the list, has expressed its intention to comply with necessary measures to be removed from the FATF's grey list in the near future. The EU's actions underscore its proactive stance in addressing global financial crime risks while acknowledging progress made by countries like the UAE.