EU adds Saudi Arabia to 'dirty money' blacklist | Eurasia Diary -

21 July,

EU adds Saudi Arabia to 'dirty money' blacklist

Countries on blacklist, seen as lax on money-laundering and terror financing, to get additional checks from European banks

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The European Commission on Wednesday added Saudi Arabia to a blacklist of countries that pose a threat due to failing to crack down on money-laundering and terrorist financing.

"The aim of this list is to protect the EU financial system by better preventing money laundering and terrorist financing risks," it said in a statement.

"As a result of the listing, banks and other entities covered by EU anti-money laundering rules will be required to apply increased checks (due diligence) on financial operations involving customers and financial institutions from these high-risk third countries to better identify any suspicious money flows."

Besides Saudi Arabia, the list includes Afghanistan, American Samoa, the Bahamas, Botswana, North Korea, Ethiopia, Ghana, Guam, Iran, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, the U.S. Virgin Islands, and Yemen.

Anadolu Agency

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