A global body focused on fighting money laundering has placed the United Arab Emirates on its so-called “gray list” over concerns that the global trade hub isn't doing enough to stop criminals and militants from hiding wealth there.
FILE - Luxury towers that dominate the skyline in the Dubai Marina district, center, and the new Dubai Harbor development, right, are seen from the observation deck of"The View at The Palm Jumeirah" in Dubai, United Arab Emirates, Tuesday, April 6, 2021.
While not expected to dent business in the Emirates, a federation of seven sheikhdoms on the Arabian Peninsula home to a multitude of economic free zones and real estate ventures, 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.
However, the UAE long has been known as a place where bags of cash, diamonds, gold and other valuables can be moved into and through. In recent years, the State Department had described “bulk cash smuggling" as "a significant problem” in the Emirates.
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