EU Seeks to Remove UAE From Its Money Laundering Risk List

The European Union plans to remove the United Arab Emirates from its list of countries that pose a high-risk for money-laundering, something the Gulf country has been pushingto happen.

The European Commission, the bloc’s executive arm, took the UAE off its list of “high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes,” according to a statement.

The change still needs the go-ahead from EU member states and the European Parliament, which last year blocked the UAE’s removal from the list.

The EU’s financial services commissioner, Maria Luis Albuquerque, said ...