The EC said countries like Ghana, Saudi Arabia, Panama and Nigeria pose a threat because of lax controls on terrorism financing and money laundering.
ADVERTISEMENT
EU blacklists Ghana over weak money laundering rules
The European Commission (EC) has blacklisted Ghana and 22 other states over their fragile money laundering and terrorism financing rules.
EU blacklists Ghana over fragile money laundering rules
Recommended articles
The 23 blacklisted states also include Libya, Botswana, Samoa, the Bahamas, Riyadh and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
The EU commissioner for justice and gender equality, Vera Jourova, said the objective is to ensure that the EU doesn’t become a destination for illicit money.
She said the EU cannot allow its financial system to be used as an instrument for financing crime and terrorism.
ADVERTISEMENT
“The European Commission adopted today a list of 23 third countries with weak rules against money laundering and terrorism financing. I would like first to explain the context and our main objectives,” Vera Jourova said.
“The EU must not be a destination for illicit money. The EU financial system must not serve as a vehicle for money laundering and must not serve as an instrument for financing crime including terrorism.”
Meanwhile, some EU states are unhappy with the move which they say could affect their economic relations with the listed states, notably Saudi Arabia.
According to a report by Reuters, banks in EU states will begin to carry out additional checks on payments involving entities from the blacklisted countries.
The list, though, would be either endorsed or rejected by a qualified majority involving all 28 EU states.
ADVERTISEMENT
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum
Government rebrands public basic schools, set to change brown and yellow uniforms
I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister
Trailblazing Prof. Jane Agyemang: The political powerhouse shaking up the NDC!
John Mahama can’t succeed me as President because I defeated him twice – Akufo-Addo
President Biden signs law to potentially ban TikTok if not sold
I won’t be a driver’s mate to John Mahama – Prof. Naana Opoku-Agyeman
‘Dumsor’ challenges will end in a few days – ECG Board Chairman assures Ghanaians
