EU delists UAE from high-risk money-laundering list, adds Lebanon

The European Union has officially removed the United Arab Emirates (UAE) from its list of countries deemed "high-risk" for money laundering, following improvements in the nation's financial oversight mechanisms. However, the bloc has added Lebanon and nine other jurisdictions to the updated list, citing ongoing concerns over financial crime controls.

The European Commission announced on Tuesday that Algeria, Angola, Ivory Coast, Kenya, Laos, Monaco, Namibia, Nepal, Venezuela and Lebanon have been included in the revised list of countries subject to enhanced monitoring under EU anti-money laundering (AML) rules.

Alongside the UAE, the EU also removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda from the high-risk list. The changes come in alignment with the recommendations of the Financial Action Task Force (FATF), the global watchdog based in Paris that monitors countries' efforts to combat money laundering and terrorism financing.

Monaco, which was added to the FATF's grey list in mid-2024, now also features in the EU’s updated register. EU member states Bulgaria and Croatia remain on the FATF list.

“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,” said Maria Luis Albuquerque, the EU Commissioner for Financial Services.

The list will undergo scrutiny by the European Parliament and EU member states, with the changes set to take effect within one month if no objections are raised.

Monaco's government responded to the announcement by acknowledging the anticipated listing and reaffirming its commitment to implement necessary reforms aimed at exiting the FATF grey list "in the short term."