The Philippine and UAE flags. EXPAT MEDIA

The European Union (EU) has officially removed the UAE and the Philippines from its list of countries deemed to pose a high risk of money laundering and terrorism financing. The update, announced on Tuesday (June 10), reflects improved financial oversight and anti-money laundering practices in both nations. The move comes after the Financial Action Task Force (FATF), a global watchdog based in Paris, earlier this year delisted the Philippines from its so-called “grey list” of jurisdictions under increased monitoring. In its updated list, the EU added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, Venezuela, and Monaco—bringing them under additional scrutiny for their financial control frameworks. Other countries removed from the EU's high-risk list alongside the UAE and the Philippines include Barbados, Gibraltar, Jamaica, Panama, Senegal, and Uganda. Maria Luis Albuquerque, the EU’s Commissioner for Financial Services, reaffirmed the bloc’s dedication to aligning with international standards. “The Commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,” Albuquerque said. The revised EU list will take effect within one month unless objected to by the European Parliament or EU member states. Meanwhile, Monaco, which was recently added to the FATF grey list alongside EU members Bulgaria and Croatia, acknowledged the EU’s planned inclusion. In a statement, Monaco’s government said it had "taken note of this expected update, which would lead to Monaco being placed on the EU’s list, unless the European Parliament or the Council of the EU decides otherwise." The statement added that Monaco is working toward removal from the FATF list “in the short term.” ICA/Expat Media
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