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Company News of Friday, February 15, 2019
Source: reuters.com
2019-02-15
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The European Commission has added Ghana, Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of countries threatened by lax controls over the financing of terrorism and money laundering. money, announced Wednesday the EU executive.
"The European Commission today adopted a list of 23 third countries whose rules against money laundering and terrorist financing are weak. I would first like to explain the context and our main objectives. The EU must not be a destination for illicit money. The EU's financial system should not be used as a vehicle for money laundering or the financing of crime, including terrorism, "said Vera Jourova, EU Commissioner for Economic and Monetary Affairs. justice and gender equality.
This decision has sparked criticism from several EU member states worried about their economic relations with the states listed, including Saudi Arabia.
Despite the pressure to exclude Riyad from the list, the commission decided to add the kingdom to a list that now has 23 jurisdictions.
The Commission also added Libya, Botswana, Samoa, the Bahamas and the four American territories of American Samoa, the US Virgin Islands, Puerto Rico and Guam.
In addition to damage to reputation, the listing makes financial relations with the EU complicated, as banks in the bloc have to carry out additional checks on payments involving entities from listed jurisdictions.
The 28 EU Member States now have one month, which can be extended to two, to approve the list. They could reject it by qualified majority.
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