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Tuesday , February 25 2020

Europe adds Saudi Arabia to dirty-money list

BRUSSELS, Feb 13: The European Commission has added seven countries including Saudi Arabia, Panama, and Nigeria to a blacklist of nations that pose a threat because of lax controls on terror financing and money laundering.

The new countries targeted by the commission on Wednesday join another 16 already on this register, bringing the total up to 23.

Vera Jourova, EU Commissioner for, Justice told a press conference at the European Parliament in Strasbourg Wednesday that the aim of the list is protect the EU financial system by better preventing money laundering and terrorist financing risks. “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. Dirty money is the lifeblood of organised crime and terrorism. I invite the countries listed to remedy their deficiencies swiftly,” she said.

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