https://www.euractiv.com/section/politics/news/exclusive-uae-to-be-removed-from-eu-money-laundering-black-list/

The European Commission is planning to remove the United Arab Emirates from the EU’s list of high-risk third countries for money laundering and terrorist financing, according to a document seen by Euractiv.

The move follows a decision by the global money laundering and terrorist financing watchdog Financial Action Task Force’s (FATF) to remove the UAE from its own grey list back in February 2024.

This is not the first attempt to delist the UAE: the Commission had proposed doing so last year, but it was rejected by the European Parliament.

Addressing concerns previously raised by the Parliament regarding judicial and law enforcement cooperation with the UAE, the Commission acknowledges progress and states it will “closely monitor the implementation of these measures in the continuous structural dialogue with the UAE.”

The EU had listed the UAE in March 2023. The Commission is responsible for identifying countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. The current EU list includes 22 countries, among them Nigeria, Vietnam, and South Africa. It was last updated in December 2023.

Inclusion on the EU’s high-risk list triggers stricter financial scrutiny from EU institutions, increases the risk of financial exclusion, and exposes countries to international pressure.

In April, Commission President Ursula von der Leyen held a phone call with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, during which they agreed to open talks on a potential free trade deal.

According to the document, the updated EU list will also see Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda removed.

Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela are set to be added.