EU adds Saudi Arabia\, Panama\, Nigeria to dirty-money blacklist

EU adds Saudi Arabia, Panama, Nigeria to dirty-money blacklist

Reuters  |  STRASBOURG 

(Reuters) - The added Saudi Arabia, Panama, and other jurisdictions to a blacklist of nations that pose a threat because of lax controls on financing and money laundering, the EU said on Wednesday.

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

The list now includes 23 jurisdictions; it previously comprised 16.

The Commission also added Libya, Botswana, Ghana, Samoa, the and the four territories of American Samoa, U.S. Virgin Islands, and

The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, and

Bosnia Herzegovina, Guyana, Laos, and were removed.

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 listed jurisdictions.

The 28 EU states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU Vera Jourova, who proposed the list, told a conference she was confident states would not block the list.

(Reporting by in Brussels; editing by Philip Blenkinsop, Larry King)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 17:05 IST