UAE placed on money-laundering grey list
United Arab Emirates (UAE) after being placed grey list for money laundering and terrorist financing has promised that it will take strict action against such activities. UAE found itself with Yemen, Syria, and South Sudan on the French Financial Action Task Force's 23-strong list. In a statement, UAE's Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism said: "The UAE takes its role in protecting the integrity of the global financial system extremely seriously. The UAE will continue its ongoing efforts to identify, disrupt and punish criminals and illicit financial networks. Robust actions and ongoing measures... to secure the stability and integrity of the country's financial system". The United Arab Emirates said that it will take every action possible to comply with the regulations. It said that will increase its vigilance and take strict actions against irregularities and violators. According to the Financial Action Task Force Grey list countries are "actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing" Finance Experts and International Organisation have been actively criticizing UAE for suspicious financial transactions for a long time.