EU Blacklists Saudi Arabia in Fight Against Money-Laundering and Terror Financing
- European Commission names 23 jurisdictions posing higher risks
- Puerto Rico, Guam are among those featured on the list
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The European Union drew a rebuke from the U.S. for including Puerto Rico, the U.S. Virgin Islands and other overseas territories on a blacklist of 23 jurisdictions posing higher risks of money laundering and terrorist financing.
The European Commission on Wednesday said all the regions listed -- from American Samoa and Guam to Saudi Arabia and Panama -- should face stricter oversight to combat illicit financial flows. The measures will raise the regulatory hurdles for European banks doing business with clients in affected jurisdictions. The list must now be formally endorsed by the bloc’s national governments and the EU Parliament before taking effect.