The United Arab Emirates was placed on a gray list by an intergovernmental organization dedicated to fighting money laundering and illegal cash flows.
The Financial Action Task Force listed the United Arab Emirates as being under increased monitoring due to their efforts to counter money-laundering.
The organization said thaturisdictions under increased monitoring are working with the FATF to address strategic deficiencies in their regimes.
The country has committed to resolve the identified strategic deficiencies when the FATF places a jurisdiction under increased monitoring.
The state-run Emirates News Agency said in a statement that the FATF has recognised that the United Arab Emirates has made positive progress in its anti-money Laundering, Countering the Financing of terrorism, and counter proliferation financing.
The gray list is not as severe as the black list, which includes North Korea and Iran.
Pakistan, Turkey, Jordan and Yemen are also on the gray list.
One of the world's busiest airports, and home to numerous international companies, the United Arab Emirates is the financial hub of the Middle East.
The agency in charge of Combating Money Laundering in the United Arab Emirates said that the country takes its role in protecting the integrity of the global financial system extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified.
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