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European Union Proposes To Include Pakistan In ‘Dirty Money’ Blacklist

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The European Union on Thursday issued a press release in which it said that it has proposed to place Pakistan and 22 other countries in list of states with “strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks”.

The proposed list includes Afghanistan, American Samoa, The Bahamas, Botswana, Democratic People’s Republic of Korea, Ethiopia, Ghana, Guam, Iran, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Saudi Arabia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, US Virgin Islands and Yemen.

EU Commissioner for Justice, Consumer and Gender Equality Vera Jourova said: “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.”

The release said that the aim of the list was to secure the EU financial system to prevent money laundering and terrorist financing risks. It said that banks and other entities that come under the EU anti-money laundering rules will be bound to strengthen security checks on customers and clients from the listed countries.

The list was made on the basis of “the level of existing threat, the legal framework and controls put in place to prevent money laundering and terrorist financing risks and their effective implementation.”

The list will be submitted in the European Parliament and Council for approval within one-month. Once approved, the delegated regulation will be published in a journal and subsequently enforced within 20 days of the publication.

It was also said that the commission will continue assessing the progress made by the enlisted countries, while it will also keep an eye on other countries for similar reasons.

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Naya Daur