By Simon Jessop
The United Arab Emirates needs time to demonstrate the effectiveness and enforcement of policies introduced against financial crime before it can be removed from a global watchdog’s ‘grey’ list, the economy minister told Reuters.
The Financial Action Task Force (FATF) just over a year ago included the UAE on a list of jurisdictions subject to increased monitoring, known as its ‘grey’ list. The UAE responded by saying it was committed to working closely with FATF to improve.
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