EU blacklists Nigeria, Saudi and Panama

In an much awaited move European Union blacklisted Saudi Arabia for lack of anti money laundering measures. RT, reported the same in its earlier posts. European Union declared few more nations in the blacklist. They include US territories Puerto Rico, Guam, American Samoa and US Virgin Islands, as well as Nigeria, the Bahamas, Panama and Iran.

These countries will face the trade restrictions while trading with any european country. This is considered to be a tough action as EU officials noted that Saudi Arabia and its allies in the US have lobbied Brussels for Riyadh to be taken off the list. The UK, France and Germany all expressed their reservations about the European commission naming jurisdictions that have not been identified by the Financial Action Task Force (FATF) the global body that sets the standard for anti-money laundering. However, the comission remained firm on its stand.