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EU adds Saudi Arabia to dirty-money blacklist, irks UK


STRASBOURG: The European Commission added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of countries seen as posing a danger as a result of lax controls on terrorism financing and money laundering, the EU government said on Wednesday. The transfer is part of a crackdown on money laundering after several scandals at EU banks however has been criticised by way of several EU countries together with Britain nervous about their financial family members with the listed states, particularly Saudi Arabia.


The Saudi executive media place of work didn't in an instant reply to a request for comment. Panama said it will have to be removed from the record because it lately adopted more potent regulations in opposition to money laundering.


Despite pressure to exclude Riyadh from the record, the commission made up our minds to record the kingdom. Apart from reputational damage, inclusion at the record complicates financial family members with the EU. The bloc's banks will have to perform additional assessments on payments involving entities from listed jurisdictions.


The record now contains 23 jurisdictions, up from 16. The commission said it added jurisdictions with "strategic deficiencies in their anti-money laundering and countering terrorist financing regimes". Also newbies to the record are Libya, Botswana, Ghana, Samoa, the Bahamas and the 4 US territories of American Samoa, US Virgin Islands, Puerto Rico and Guam. The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.


The 28 EU member states now have one month, which can also be extended to 2, to endorse the record. They may reject it by way of qualified majority.EU justice commissioner Vera Jourova, who proposed the record, informed a information conference that she used to be confident states would not block it.


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