Global financial crime watchdog the Financial Action Task Force (FATF) on Friday said Middle East business hub the United Arab Emirates had been included on a list of jurisdictions subject to increased monitoring, known as its ‘grey’ list. In addition to further FATF scrutiny, countries on the ‘grey’ list risk reputational damage, ratings adjustments, trouble obtaining global finance and higher transaction costs, experts say. The UAE, the region’s financial capital and a gold trading hub, will work to implement a FATF action plan to strengthen the effectiveness of its anti-money laundering and…

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