EU puts Saudi Arabia on ‘dirty money’ blacklist
Staff Host Account
/ Categories: Islam Times-English

EU puts Saudi Arabia on ‘dirty money’ blacklist

On Wednesday, the commission, the European Union's executive arm, updated its list to 23 financial jurisdictions, up from the previous 16. It said that the 23 countries "have strategic deficiencies in their anti-money laundering/ counter terrorist financing regimes. This includes 12 countries listed by the Financial Action Task Force and 11 additional jurisdictions." The blacklist complicates financial ties with the EU and requires its banks and other entities to apply increased checks (due diligence) on financial operations involving customers and financial institutions from the high-risk states.  Now, the 28 EU states have one month, which can be extended to two, to endorse the blacklist. Vera Jourova, European commissioner for justice, consumers and gender equality, predicted that the EU countries would approve the list. "We have established the strongest anti-money laundering standards in the world, but we have to make sure that dirty money from other countries does not find its way to our financial system," she told a news conference in the French city of Strasbourg. "Dirty money is the lifeblood of organized crime and terrorism," she said, calling on the blacklisted countries to "swiftly remedy their deficiencies." Saudi Arabia has been widely criticized for allowing a flow of money to finance Takfiri terrorist groups wreaking havoc the region. Riyadh regrets blacklist In a statement carried by the Saudi Press Agency (SPA) on Thursday, Saudi Arabia expressed "regret" over the European Commission's decision to add the kingdom to the blacklist. "Saudi Arabia notes with regret the European Commission proposed revised list of 'high risk' countries on money laundering and the financing of terrorism released on 13th February, 2019 that includes Saudi Arabia despite several measures of reinforcement of its legal framework which has led to increased cooperation with its counterparts," it said. It also claimed that Riyadh "is strongly committed to the common fight against money laundering and terrorism financing."

Link to original article

Previous Article UN court to rule on Iran’s $2bn worth of frozen assets in US
Next Article Get over it: Asia rules
Print
166 Rate this article:
No rating

Leave a comment

Add comment

x
«September 2019»
MonTueWedThuFriSatSun
26
27
28
29
30
31
1
2
3
4
5
6
7
8
9
1011
12
13
14
15
16171819202122
23242526272829
30123456