Saudi Arabia on the black list of the EU
16 February 2019, 19:00 BDT
The European Commission has included the name of Saudi Arabia in the list of blacklist for the European Union (EU). The country has been listed as the terrorists have failed to stop financing and prevent money laundering. The information was given on Wednesday by the EU authorities.
There are more places in this list: Panama and four US areas. This initiative has been taken to prevent money laundering in the wake of the scams of EU banks. However, this initiative has criticized the United States, including the UK's various countries. They have expressed concern over blacklisted countries, especially Saudi Arabia's financial relations with EU countries. The United States also did not support this list.
Saudi Arabia expressed regret over the announcement of the EU. In a statement issued by the Saudi Press Agency, it has been said that the country has promised war against the money laundering and terrorist financing, and given a strategic priority.
Meanwhile, Panama says the country's name should be omitted from that list. Because, the country has recently enacted strong legislation against money laundering.
Saudi Arabia's reputation in the international arena has shrunk in recent times. As a result of this list, the difficulties in Saudi finances with the EU will arise. EU banks will take extra precautions to make payments. In addition to getting the money, it will also go through various scrutiny of Saudi Arabia.
This black list of EU currently includes 23 areas. Earlier, there were 16 areas in the list. The commission said that those who have strategic failures to stop terrorist financing and to prevent money laundering were included in the list.
Saudi Arabia, Libya, Botswana, Ghana, Samoa, the Bahamas Islands are included in the list. And four areas of the United States are Samoa, Virgin Islands, Puerto Rico and Guam.
The list includes Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobacco, Tunisia and Yemen.
Bosnia, Guyana, Laos, Uganda and Vanuatu are excluded from the list. There are 28 months of EU membership for one month to approve this list. This period may increase for another one month. This new list can be canceled due to the majority of voting.
The EU Judicial Commissioner Vera Zorava proposed this list. He hopes the EU countries will not bar the approval of this list. Vera said it was necessary to make the list. Because risk in the banking sector is spread like wild fire.
But there are still concerns about this list. The UK is due to leave the EU on March 29. The country said on Wednesday that the list could spread confusion in the trade. Because, international organizations engaged in prevention of money laundering and terrorist financing have made a short list from the Financial Action Task Force (FATF).
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