Anti-money-laundering body puts UAE on global ‘gray’ list

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — A global body focused on fighting money laundering has placed the United Arab Emirates on its so-called “gray list.” That’s over its concerns that the global trade hub isn’t doing enough to stop criminals and militants from hiding wealth there. The decision late Friday night by the Paris-based Financial Action Task Force puts the UAE on a list of 23 countries including fellow Mideast nations Jordan, Syria and Yemen. While not expected to dent business in the Emirates, it could strike at the country’s carefully managed business-friendly image. Ratings agencies and other financial institutions also consider such a listing as a risk, which can affect interest rates for loans.