The Financial Times reported that European Union plans to place Saudi Arabia and four US territories on a money laundering blacklist has suffered a humiliating defeat after virtually unanimous opposition from EU member states.
EU diplomats are quoted by the Financial Times that 27 of 28 countries, led by the UK, France, Germany, and the Netherlands, blocked publication of the list, which has also prompted fury in Washington and Riyadh.
The strength of opposition means the European Commission will have to rethink its draft list of 23 non-EU territories deemed to be failing in fighting money laundering.According to a draft statement seen by the Financial Times, governments — which had until Thursday to object to the commission’s list — will say it was not drawn up in a “transparent and credible process”.
Europe’s list, published this month, includes Saudi Arabia, Guam, the US Virgin Islands, American Samoa and Puerto Rico. None is named in an international blacklist prepared by the Financial Action Task Force, the global authority on money laundering.
Via The Financial Times
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