The European Union announced on Tuesday that it has removed the United Arab Emirates from its money-laundering “high-risk” list. This decision reflects the EU’s assessment of the UAE’s efforts to strengthen its financial controls against illicit activities.

In addition to the UAE’s removal, the European Commission indicated that it has added Monaco to the list of jurisdictions requiring enhanced scrutiny. Alongside Monaco, countries such as Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela will now face increased monitoring regarding their money laundering controls.

Moreover, the EU has also removed several other nations from the high-risk category, including Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. This update illustrates the EU’s ongoing efforts to regulate financial systems and combat money laundering on a global scale.