EU adds Saudi Arabia to dirty-money blacklist

EU adds Saudi Arabia to dirty

Question: Which of the following country was added by EU to dirty-money blacklist?
(a) India
(b) Saudi Arabia
(c) Qatar
(d) UAE
Answer: (b)
Related facts:

  • The European Commission has added Saudi Arabia, Panama, Nigeria and other jurisdictions to a blacklist of nations seen as posing a threat to the continent because of lax controls on terrorism financing and money laundering.
  • The move is part of a crackdown on money laundering after several scandals at EU banks, but it has been criticized by several EU countries, including Britain. 
  • The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. 
  • The list includes 23 jurisdictions, up from 16 added on the basis of strategic deficiencies in their anti-money laundering and countering terrorist financing regimes.
  • Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
  • The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
  • Bosnia, Guyana, Laos, Uganda and Vanuatu were removed.

By Achyutanand Pandey

Links:

https://www.cnbc.com/2019/02/14/reuters-america-update-5-eu-adds-saudi-arabia-to-dirty-money-blacklist-upsets-uk-u-s.html

https://www.smh.com.au/world/europe/eu-adds-saudi-arabia-to-dirty-money-blacklist-upsets-britain-20190214-p50xv6.html

https://www.reuters.com/article/us-eu-saudi-moneylaundering/eu-adds-saudi-arabia-to-dirty-money-blacklist-upsets-britain-idUSKCN1Q215X

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