EU Removes UAE from Money Laundering Watchlist, Adds Algeria to High-Risk Category

On Tuesday,European Union announced the removal of the United Arab Emirates from its “high-risk” list for money laundering. In addition to the UAE,the EU also delisted Barbados,Gibraltar,Jamaica,Panama,the Philippines,Senegal,and Uganda.

At the same time,Monaco was added to the list along with nine other countries. According to the European Commission,Algeria,Angola,Côte d’Ivoire,Kenya,Laos,Lebanon,Namibia,Nepal,and Venezuela were also newly designated for enhanced monitoring of their anti-money laundering measures.

The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring,while adding Laos and Nepal. The Financial Action Task Force (FATF),a Paris-based organization that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing,compiles a “grey list” of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024,along with EU member states Bulgaria and Croatia.