EU blacklists Nigeria for condoning money laundering and terrorism financing

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The European Union(EU) Commission has added Nigeria to a blacklist of nations that pose a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday.

The list now includes 23 jurisdictions; it previously comprised 16. 

Other countries added to the blacklist include Panama, Saudi Arabia, Libya, Botswana, Ghana, Samoa, the Bahamas and four US territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.

The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.

Bosnia Herzegovina, Guyana, Laos, Uganda and Vanuatu were removed.

According to Reuters, apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc’s banks will have to carry out additional checks on payments involving entities from listed jurisdictions.

The 28 EU states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU justice commissioner Vera Jourova, who proposed the list, told a news conference she was confident states would not block the list.

 

 

 

 

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