The Commission is also set to put Barbados, Botswana, Cambodia, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe on the European Union list. Countries on the list “pose significant threats to the financial system of the Union,” says the draft document, which is still subject to changes. The Saudis were included in an EU draft list last year until that document was struck down by EU governments after pressure from the oil-rich kingdom. The new EU draft list largely reflects a listing compiled by the Financial Action Task Force (FATF), which is the global standard-setter for efforts to curb money laundering. The EU list however does not include Albania, a candidate country to join the bloc, and Iceland, a close trading partner of the 27-nation Union.

Source: Standard Digital May 12, 2020 11:00 UTC