Advertisements

European Union adds Nigeria to dirty-money blacklist

Nigeria, Saudi Arabia and Panama are among the countries added by the European Commission to blacklisted nations for posing threats because of lax controls on terrorism financing and money laundering.

The listing of the countries is part of a crackdown against money laundering after several scandals hit banks in European Union (EU) in recent months.

But the development has triggered criticism from several EU states. They are worried about their economic relations with the listed states, notably, Saudi Arabia.

The criteria used to blacklist countries include low sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency over the beneficial owners of companies and trusts.

Five of the listed countries are already included on a separate EU blacklist of tax havens. They are: Samoa, Trinidad and Tobago and the three United States (U.S.) territories of American Samoa, Guam and U.S. Virgin Islands.

 

 

– The Nation

Advertisements

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

No comments yet... Be the first to leave a reply!

Leave a Reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: