The United Arab Emirates, along with Gibraltar, Barbados, and Uganda were removed from the
Financial Action Task Force (FATF) grey list at its plenary meeting held from 21 to 23 February 2024.

Two new jurisdictions were also added to the grey list, namely Kenya and Namibia.

The United Arab Emirates was added to the Grey List on 4 March 2022. The UAE was supposed to fully implement FATF recommendations set out in its action plan that was issued following the UAE’s 2020 Mutual Evaluation.

The FATF recognised the variety of reforms taken by the UAE since its inclusion in the grey list, including:
1. The establishment of an Executive Office to counter ML/TF
2. Establishment of a special court to combat financial crimes
3. Adoption of new AML/CFT guidelines for FIs and DNFBPs
4. Adoption of a new penal code strengthening UAE’s ML/TF, anti-bribery and corruption regulations

Among early reaction, the Abu Dhabi Global Market (ADGM), the international financial centre of the capital city of the United Arab Emirates, congratulated the government of the UAE and the Higher Committee Overseeing the National Strategy for Anti-Money Laundering and Countering of Terrorism Financing, chaired by His Highness Sheikh Abdullah bin Zayed Al Nahyan, on the Financial Action Task Force’s (FATF) decision to remove the UAE from the list of countries under enhanced due diligence due to concerns regarding anti-money laundering/countering the financing of terrorism.

"FATF’s decision stands as a testament to the remarkable progress the country has made over the past two years in addressing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures.

"ADGM is committed to continuing its collaboration with the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing, the CBUAE and other key stakeholders of the UAE in fortifying its AML/CTF framework and aligning with the UAE's national risk assessment initiatives.

"This collaboration aims to safeguard the integrity of the UAE’s financial ecosystem through enhanced policies, procedures, and controls to effectively manage the risks of money laundering and terrorist financing."

For Gibraltar, its chief minister, Fabian Picardo KC MP, said “This is very welcome news and I am delighted that our continued and ongoing work and political commitment to future development has been recognised. I am grateful to all the agencies and authorities that have contributed to this work as well as the private sector that has wholeheartedly joined us in our fight against economic crime.

"Gibraltar's FATF white listing not only enhances our reputation but also strengthens our position as a trusted and compliant international financial centre. This is excellent news for the Jurisdiction. I particularly want to highlight the work of successive Ministers Isola and Feetham in this regard. Their political leadership in financial services and Samantha Sacramento's work in the Ministry for Justice has been essential in achieving this proud mile stone.”

FATF Grey List as of 23 February 2024

1. Bulgaria
2. Burkina Faso
3. Cameroon
4. Croatia
5. Democratic Republic of Congo
6. Haiti
7. Jamaica
8. Mali
9. Mozambique
10. Nigeria
11. Philippines

12. Senegal
13. South Africa
14. South Sudan
15. Syria
16. Tanzania
17. Türkiye
18. Vietnam
19. Yemen
20. Kenya
21. Namibia