Paris, Feb 24 (AP) An international watchdog said Friday that it was removing the United Arab Emirates from its so-called gray list of countries that don't take full measures to combat money laundering and terrorism financing.

The announcement was made by the Paris-based Financial Action Task Force following its meeting in the French capital. The FATF welcomed the UAE's "significant progress in improving” its anti-money laundering and counterterrorism financing policies.

Also Read | US Hits Russia With 500 Sanctions Over Death of Jailed Opposition Leader Alexei Navalny and Ongoing War Against Ukraine.

Barbados, Gibraltar and Uganda will also be removed from the FATF's gray list, the watchdog said in a statement Friday following its plenary meetings.

They "will no longer be subject to the FATF's increased monitoring process,” the watchdog said in a statement.

Also Read | Hungary, Sweden Agree on Defence Deal Ahead of Final Vote on Sweden's NATO Accession.

Being on the watchdog's gray list can scare away investors and creditors, hurting exports, output and consumption. It also can make global banks wary of doing business with a country. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)