By PAUL O’DONOGHUE, Senior Correspondent
THE European Commission has added Monaco to its ‘blacklist’ of countries with weak anti-money laundering (AML) regimes.
It has also removed the United Arab Emirates (UAE) from the list, a move which will facilitate trade talks with the Middle Eastern nation.
Monaco, a haven for the world’s super-rich, was also recently ‘grey listed’ by the Financial Action Task Force (FATF).
Alongside Monaco, other jurisdictions added include: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela.
Those removed by the EU include: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda.
The European Commission’s list still has to be approved by MEPs in the European Parliament before being adopted by the EU.
Monaco added to blacklist
The EU list identifies “high-risk jurisdictions” with “strategic deficiencies” in their AML regimes. The latest update is available to view [HERE].
The list is commonly referred to as a ‘blacklist’, including by EU MEPs.
In a statement, the European Commission said: “The updated list takes into account the work of the FATF.
It said, in particular, FATF’s list of “Jurisdictions under Increased Monitoring”. This is commonly referred to as FATF’s ‘grey list’.
“As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions,” it said.
The Commission added: “Alignment with FATF is important for upholding the EU´s commitment to global standards.”
More to follow…
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