Riyadh Regrets Inclusion On EU Money Laundering, Terror Financing List - Finance Ministry

The Saudi Finance Ministry on Thursday expressed regret over the European Commission's decision to include the kingdom on a list of countries with suspected loopholes in anti-money laundering and counter-terror financing regulations

MOSCOW (UrduPoint News / Sputnik - 14th February, 2019) The Saudi Finance Ministry on Thursday expressed regret over the European Commission's decision to include the kingdom on a list of countries with suspected loopholes in anti-money laundering and counter-terror financing regulations.

On Wednesday, the EU executive body published a list of 23 third countries with "weak anti-money laundering and terrorist financing regimes." Along with Saudi Arabia, the list features known tax havens, such as Panama, Puerto Rico and the Bahamas, as well as North Korea, Afghanistan, Pakistan, Syria, Iran, Iraq, Libya, Yemen, and a handful of African states. The notice means that banks and other EU entities will be required to apply increased checks on financial operations involving customers and financial institutions from these countries.

"Saudi Arabia notes with regret the European Commission proposed revised list of 'high risk' countries on money laundering and the financing of terrorism released on 13th February 2019 that includes Saudi Arabia," the ministry said in a statement, published on its Twitter page.

The statement stressed that the decision came despite Saudi measures to reinforce the relevant legal framework and increase cooperation with its counterparts, and reaffirmed strong commitment to the "common fight" against money laundering and terrorism financing.

The Saudi ministry also stated that the country was a key member in the global coalition against the Islamic State terror group (outlawed in Russia) and had implemented over the years "important laws and measures" to counter terrorism financing activities.

The EU list is yet to be approved by the European Parliament and the Council of the European Union. Meanwhile, The Financial Times newspaper reported earlier in the day that the commission's decision had not met unequivocal support among members nations, with some of them, in particular, opposing the prospect of blacklisting Saudi Arabia, a close ally.