The Financial Action Task Force (FATF) announced on Friday that it has removed the United Arab Emirates (UAE) and Gibraltar from a “grey list” of countries and territories that require enhanced controls, Reuters reported, taken by Agerpres.

In addition, Barbados and Uganda were removed from the list of countries under watch for financial crimes worldwide.

Gibraltar, a British territory located on the southern tip of the Iberian Peninsula, is home to many online gambling and cryptocurrency firms, while the United Arab Emirates is home to Dubai, a major center for financial services in the Middle East, with many banks located throughout the world

Despite being graylisted, the United Arab Emirates has continued to attract billionaires and is becoming an increasingly popular destination for crypto companies and Russians in the context of the war in Ukraine.

In 2023, the UAE overtook Belgium to become the most important center for rough diamond trade.

However, European officials have a different opinion. The United Arab Emirates is on the EU’s list of countries with a high risk of money laundering and terrorist financing, along with other countries such as South Africa, North Korea and Afghanistan.