Illicit money flows: UAE set to be placed on FATF's 'gray list'

Just a few votes to the contrary can result in a jurisdiction getting added to the list of nations under increased monitoring

The United Arab Emirates is set for inclusion on a global watchdog’s “gray list” after some of its members indicated that the Gulf nation hadn’t made enough progress in tackling illicit financial flows, according to people familiar with the matter.

At least three members of the Paris-based Financial Action Task Force (FATF) have expressed the view that the UAE hasn’t done enough to exit the review process and therefore will likely get put on the group’s list of countries subject to more oversight, said the people in the know. 

The organisation is currently holding its plenary, where members are discussing the UAE