Parliament criticises Council’s rejection of money laundering blacklist

Money Laundering

(Sara Kurfeß, Unsplash)

This article is brought to you in association with the European Parliament.


MEPs expressed concern on Thursday that member states have scuppered the Commission’s plan to place new countries on the EU money-laundering blacklist.

The resolution was adopted by a show of hands with an overwhelming majority.

The adopted resolution comes one week after member states refused to include 23 countries on an updated blacklist. These countries were put forward by the Commission, as their anti-money laundering legislation was deficient.

Do not mix politics with fighting money laundering

The resolution praises the work done by the Commission to adopt a list drawn up using “strict criteria” which was accepted in the past by both the Council and the European Parliament.

It recognises that the countries on the list exerted diplomatic pressure and lobbying. However, such pressure should not undermine the EU institutions’ ability to fight money laundering and to counter terrorist financing linked to the EU, the resolution adds.

For this reason, MEPs consider that the screening and decision-making process should be carried out solely on the basis of the commonly agreed methodology.

Yellow card to Russia

The resolution also points a finger at Russia, which was not included in the Commission’s proposed list. It points out that various parliamentary committees raised concerns regarding weaknesses in Russia’s anti-money laundering and counter-terrorist financing frameworks.

Next steps

The Commission will now need to present another list, identical or amended, and the European Parliament and the Council will have one month to approve or oppose it.

Background

The Commission proposed to place 23 countries on the blacklist of states at high risk of facilitating money laundering: Afghanistan, Ethiopia, Iran, Iraq, North Korea, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, and Yemen, all already on the EU’s list, while adding American Samoa, Bahamas, Botswana, Ghana, Guam, Libya, Nigeria, Panama, Puerto Rico, Samoa, Saudi Arabia, and the US Virgin Islands.

The inclusion of a country on the list of high-risk non-EU countries does not trigger economic or diplomatic sanctions, but, rather, requires ‘obliged entities’ such as banks, casinos and real estate agencies to apply enhanced due diligence measures on transactions involving these countries, and to make sure that the EU financial system is equipped to prevent money laundering and terrorist financing risks coming from these non-EU countries.

Member states claim that the process for updating the list was unclear and potentially vulnerable to legal challenges. There are concerns, however, that some EU countries came under severe lobbying, particularly from the US and Saudi Arabia.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Give a chance to the brothers of Ailan: reception of refugees in Greece

Service and Sacrifice: Ugandan ‘Blue Helmets’ support UN efforts to bring peace to Somalia

Robots will soon be a necessity but they won’t take all our jobs

The city of Quito just made commuting quicker and safer

Commission concludes that an Excessive Deficit Procedure is no longer warranted for Italy at this stage

MEPs back measures to reconcile career and private life

Could the fourth wave of globalization help to end epidemics?

MEPs adopted measures to reconcile work and family life

EU: Centralised economic governance and bank supervision may lead to new crisis

Dealing with stress among healthcare professionals: are we missing the elephant in the room?

These are America’s most dangerous jobs

Mental health and suicide prevention: why focus on primary care

New rules to help consumers join forces to seek compensation

What is the IMF telling Eurozone about fiscal and banking unification?

Eliminating hepatitis calls for ‘bold political leadership, with investments to match,’ UN health chief says

Forty-two countries adopt new OECD Principles on Artificial Intelligence

EU Commission closer to imposing anti-dumping duties on Chinese solar panel imports?

Trees in ‘green’ Cameroon refugee camp, bring shade and relief from ‘helter-skelter’ of life

How the Middle East is suffering on the front lines of climate change

UN migration agency: young Rohingya girls, largest group of trafficking victims in camps

Safer roads: EU lawmakers agree on life-saving technologies for new vehicles

Can the US deal a blow to EU and Russia together over Ukraine?

The Stray

European Commission determined to conclude EU-Mercosur trade deal this year despite French concerns

Restoring government control across Central African Republic is ‘key’ to lasting peace, stability – UN envoy

Why do medical students need to emigrate to become doctors in 2017?

Why South Africa is on a path of economic renewal

President David Sassoli to visit Skopje: “Remain on the European track”

FROM THE FIELD: Enslaved Guatemalan indigenous women wait for reparations

How close is Eurozone to a new recession which may trigger formidable developments?

India should ‘unlock’ freedom curbs in disputed Kashmir, urges UN human rights chief

Is this the way to finally beat corruption?

The European Internet is not neutral and neither is the Commissioner

This Dutch company makes environmentally-friendly paint

This is why Dutch teenagers are among the happiest in the world

Security Council should ‘nurture’ Colombian consensus against return to violence, top UN official urges

Black Panther’s ‘General Okoye’ joins the fight against gender-based violence

Sustainable Development Goals: making the world a better place

From rescue animals to electric buses, California is introducing bold new rules

US must abide by humanitarian refugee accords: UN refugee agency

Data is the fuel of mobility. Don’t spill it for nothing

We had the hottest June ever this year – this is what happened around the world

Charlie’s tragedy energized deeper feelings amongst Europeans; back to basics?

India’s Largest Entrepreneurship Event is Back! (23-24th August 2016)

Second Facebook-Cambridge Analytica hearing: impact on privacy, voting and trust

5 ways to #BeatAirPollution

Commission offers discount on fines to banks for competition infringements

EU and China to do more in common if the global scene gets worse

UN agencies welcome green light for Rohingya projects in northern Myanmar; urge ‘more effective access’

Draghi’s ‘quasi’ announcement of a new era of more and cheaper money

Can medical students be prepared for Global Health ethical issues?

Why business can no longer turn a blind eye to poor vision

Parliament criticises Council’s rejection of money laundering blacklist

Mali facing ‘alarming’ rise in rights violations, warns UN expert

Progress on gender equality is too slow, says OECD on International Women’s Day

Commission supports normalisation in Greece through activation of post-programme framework

This woman solved one of the biggest problems facing green energy

China’s Ambassador to the EU Zhang Ming wishes to Brussels a Happy 2019 Year of the Pig

A Monday to watch the final act of a Greek tragedy; will there be catharsis or more fear?

How can newspapers survive? By measuring their social impact

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s