
Audio By Carbonatix
The European Commission added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations that pose a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday.
“The European Commission adopted today a list of 23 third countries with weak rules against money laundering and terrorism financing. I would like first to explain the context and our main objectives. The EU must not be a destination for illicit money. The EU financial system must not serve as a vehicle for money laundering and must not serve as an instrument for financing crime including terrorism,” said Vera Jourova, EU commissioner for justice and gender equality.
The move triggered criticism from several EU states worried about their economic relations with the listed states, notably Saudi Arabia.
Despite pressure to exclude Riyadh from the list, the commission decided to add the kingdom to a list that now includes 23 jurisdictions.
The Commission also added Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
Apart from reputational damage, inclusion on the list complicates financial relations with the EU with the bloc’s banks having 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.
Latest Stories
-
Asanko Gold supports road rehabilitation to ease transport challenges in Amansie West
12 minutes -
Serial killer pleads guilty to eight murders in case that haunted Long Island, New York
15 minutes -
NPP used Bosomtwe road as ‘election machine’ but failed to dedicate funds for its completion – Dr Amoakohene
21 minutes -
CSOs warns of contraceptive crisis as $500k UNFPA supplies stall at port
27 minutes -
Africa’s youth bulge a ‘defining moment’ that requires urgent action – NYA CEO Osman Ayariga
34 minutes -
No looming power crisis; Ghana’s electricity supply remains stable – Energy Ministry PRO insists
50 minutes -
Mahama should reset his stance on LGBTQ -Clinton Baffour
56 minutes -
Rising sachet water costs should spark a bigger conversation on plastic waste
59 minutes -
Two-week ceasefire takes effect as US and Iran prepare for talks in Pakistan
1 hour -
Dr. Amoakohene debunks claims Sewua and other Agenda 111 hospitals are ready for operationalisation
1 hour -
AMA rolls out new shift system for street sweepers to improve sanitation
1 hour -
Focus on capacity, not connections in Damang lease decision – Paa Kwesi Schandorf
1 hour -
Teen defender Eric Mensah undergoes trial at Malaga CF after standout ROC Cup display
1 hour -
Journalism out loud: Why silence is no longer an option
1 hour -
NYA boss identifies unemployability as Africa’s core youth challenge
2 hours