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Sunday, 14 April 2019

Nigeria, Saudi Arabia, 21 Other Countries Blacklists By EU

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The European Union (EU) has marked 23 countries that pose money laundering and terror financing risks.


The EU listed and added Nigeria, Saudi Arabia, and twenty-one others to a blacklist of nations seen as posing a threat because of slack controls on terrorism financing and money laundering.

The move is part of a crackdown on money laundering after several scandals at EU banks.

It has, however, been criticized by several EU countries including Britain, expressing worries and concern about their economic relations with the listed countries, notably Saudi Arabia.

In a statement released by The Saudi government, said they are disappointed in the decision, adding: “Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority”.

Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom, confirming a news report regarding the development in January.

Panama said it should be removed from the list because it recently adopted stronger rules against money laundering.

Apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc’s banks will have to carry out additional checks on payments involving entities from the blacklisted countries.

Findings by IGBERE TV showed that seven countries were newly added to the existing list of 16 countries, bringing it to a total of 23.

The commission said it added countries with “strategic deficiencies in their anti-money laundering and countering terrorist financing regimes”.

Other countries on the list are Libya, Botswana, Ghana, Samoa, the Bahamas, and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico, and Guam.

The other listed countries are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

However, an investigation revealed that Bosnia, Guyana, Laos, Uganda, and Vanuatu were removed from the list.
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