CPI Financial reports that France has added U.A.E. banks to its blacklist that includes 17 other countries. France put these countries on the blacklist because they accused them for failing to investigate foreign aid fraud. U.A.E. banks, along with the others blacklisted, will be prohibited from helping to distribute development funds from France.
Some of the other territories on the blacklist include Switzerland, Lebanon, Panama, Costa Rica, Dominica, Liberia, Trinidad and Tobago, Vanuatu and others. French officials stated these nations have a lack of transparency. They reported that impoverished and emerging countries were more likely to harvest high fraud activity.