The Financial Action Task Force (FATF) has removed the UAE from its “grey list” after identifying weaknesses in the Gulf state’s ability to address financial crime. The removal comes after the international body identified weaknesses in the Gulf state’s ability to address illicit financing for crimes ranging from terrorism to drug trafficking. The countries removed from the grey list have taken significant steps to bolster their financial crime fighting systems and demonstrate the necessary political will to sustain and continue these changes. UAE’s Foreign Affairs Minister Sheikh Abdullah bin Zayed emphasized the country’s commitment to consolidate its unwavering approach and position within the world’s financial system by following all relevant international laws and conventions. Measures taken by the UAE to get off the grey list include beefing up legislation and strengthening its Executive Office of Anti-Money Laundering and Counter Terror Financing to address ill...