The UAE is in danger of being added to the Financial Action Task Force (FATF) grey list of jurisdictions with “strategic deficiencies” in their anti-money laundering and counter financing of terrorism (AML/CFT) regime according to a report by the Bloomberg news agency.

Inclusion on the grey could damage the UAE. Dubai has over the last twenty years established itself as a financial hub for the Middle East, Africa and South Asia markets while Abu Dhabi has played a prominent role in the development of the nation’s Islamic financial services sector.

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