ISLAMABAD – In a blow, Pakistan and Saudi Arabia may be included in EUMoney laundering blacklist.
The European Commission has proposed to include Pakistan, Afghanistan,Iran, Iraq, Saudi Arabia, Yemen, and other 17 countries to a list ofcountries with “strategic deficiencies in their anti-money laundering andcounter-terrorist financing frameworks”.
“The aim of this list is to protect the EU financial system by preventingmoney laundering and terrorist financing risks,” according to a statementlink released onWednesday.
The banks and other entities covered by the EU anti-money laundering ruleswill be required to apply “increased checks” on financial operations fromthese “high-risk” countries to better identify any suspicious flow of money.
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“We have established the strongest anti-money laundering standards in theworld, but we have to make sure that dirty money from other countries doesnot find its way to our financial system,” Věra Jourová, commissioner forJustice, Consumers and Gender Equality, said.
