Riyadh Added To Money Laundering, Terror Financing List

Saudi Arabia has been added to a European Union blacklist of countries that fall short in combating money laundering and terror financing, reports Reuters. 

On Wednesday, the European Commission voted to add the Bahamas, Botswana, Ghana, Libya, Panama and Saudi Arabia to the list. The U.S. territories of American Samoa, Guam, Puerto Rico and the U.S. Virgin Islands were also added. 

The commission removed Bosnia, Guyana, Laos, Uganda and Vanuatu from the list, which now includes 23 states. 

The 28 E.U. members have one month to vote on the proposal. E.U. Justice Commissioner Vera Jourova indicated that she expected it would pass. 

Countries on the list face additional scrutiny when doing business with E.U. banks. 

In a statement published by the official Saudi Press Agency, Riyadh said it regretted the decision and emphasized its continued efforts to fight money laundering and the financing of terrorism. 

Panama argued that it had recently taken steps against money laundering and should be removed from the list. Washington said the metrics used were "flawed" and rejected the inclusion of U.S. territories. 

The U.S. and U.K. were said to have leaned against including Saudi Arabia on the list. Several top British banks operate in Saudi Arabia.  Saudi Arabia is also seen by both countries as an important ally in efforts to counter Iranian influence in the region.