Commission to create list of terrorism-supporting countries

  • Jan Merička
  • 14.12.2017 10:40

European Justice Commissioner Vera Jourova was tasked on Sunday 10 December with creating a list of high-risk countries where money is being laundered and used to fund terrorism. This list should be completed by the end of 2018.

The main sources of the document will be the list of high-risk countries compiled by the Financial Action Task Force on Money Laundering (FATF), Europol records and the "blacklist" of tax havens approved by the finance ministers of EU member states earlier this December. In addition to these resources, the Commission will conduct its own analyses. The main purpose of this step is to capture suspicious transactions from countries included on the list. These transactions will then be recorded in a central European register shared with other countries. Jourova added that including any country on this list is a very sensitive political issue. For example, the FATF list does not include Saudi Arabia, which finances fundamentalist Islamic mosques in EU states. The question is whether the document will primarily focus on combating money laundering or sponsoring terrorism.

About author: Jan Merička

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