The United Arab Emirates is poised to exit a global watchdog’s "gray list” as soon as this week, following a push to clamp down on illicit financial flows in and out of the oil-rich Gulf state.

Assessors from the Paris-based Financial Action Task Force conducted an on-site visit last month and subsequent feedback on the UAE’s action plan noted significant progress by the country, according to people familiar with the matter, who requested anonymity as the deliberations are private.

The UAE is expected to come off the list on Feb. 23, which is the final day of the FATF plenary in Paris, the people said. No final decisions have been made.