food, beverages, and transportation. Meanwhile, the fall of the Turkish lira has been reported for years. Since the start of 2020, it has lost more than 30% of its value as compared to the US dollar and 30% against the euro. United Arab Emirates The economy of the United Arab Emirates (UAE) is the second largest in the Arab world (after Saudi Arabia), with a gross domestic product (GDP) of $377 billion (AED1.38 trillion) in 2012. The United Arab Emirates has been successfully diversifying the economy. 71% of UAE's total GDP comes from non-oil sectors. Oil accounts for only 2% of Dubai's GDP. The UAE is also making an effort to attract foreign direct investment by offering 100% foreign ownership and no taxes. Tourism is one of the main sources of revenue in the UAE. A rating agency, Moody's Investors Service revised its rating of eight UAE banks from stable to negative amidst the coronavirus outbreak. The eight banks included Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank, National Bank of Ras al-Khaimah and National Bank of Fujairah. The UAE cabinet introduced a UBO law in early 2021 after global pressure for financial transparency in the corporate sector increased. The pressure was sourced from the investigations carried out by the International Consortium of Investigative Journalists like the 2016 Panama Papers pushing to pass the Ultimate Beneficial Ownership or UBO registries. Following Dubai’s increasing role in being a safe haven for the investment of illicit funds and provision of financial secrecy to people behind it – as disclosed under other ICIJ probes such as FinCEN Files and Luanda Leaks – has led to the introduction of the beneficial ownership law in the UAE. According to ICIJ, companies not abiding by the law and failing to report beneficial ownership information will have to bear administrative penalties and fines worth approximately 100,000 UAE dirhams, starting July 1, 2021. However, considering the lack of a centralized register to track all financial activities, loopholes, and exemptions in the UBO law itself, advocates believe that it isn’t enough as a standalone to control money laundering in UAE. Yemen Yemen has suffered from chronic economic mismanagement. With 85% unemployment, the nation relies heavily on expatriate remittances. The reliance on foreign labor markets proved disastrous following the 1991 Persian Gulf War when Saudi Arabia and Kuwait expelled