In a blow, Pakistan and Saudi Arabia may be included in EU Money laundering blacklist
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ISLAMABAD - In a blow, Pakistan and Saudi Arabia may be included in EU Money laundering blacklist.
The European Commission has proposed to include Pakistan, Afghanistan, Iran, Iraq, Saudi Arabia, Yemen, and other 17 countries to a list of countries with “strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks”.
“The aim of this list is to protect the EU financial system by preventing money laundering and terrorist financing risks,” according to a statement link released on Wednesday.
The banks and other entities covered by the EU anti-money laundering rules will be required to apply “increased checks” on financial operations from these “high-risk” countries to better identify any suspicious flow of money.
“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,” Věra Jourová, commissioner for Justice, Consumers and Gender Equality, said.
