The European Union (EU) has added Nigeria to countries on its “dirty money blacklist”, despite the anti-corruption crusade of the present administration.
The EU said the nations in this category pose a threat because of tax controls on terrorism financing and money laundering.
Also added to the list which was initially 16, are Saudi Arabia, Panama, Libya, Botswana, Ghana, Samoa, the Bahamas and four US territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
The other listed countries are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
Criteria used to blacklist the countries include low sanctions against money laundering and terrorism financing, TheCable writes.
Other criteria were insufficient cooperation with the EU on the matter and lack of transparency over the beneficial owners of companies and trusts
The list now includes 23 jurisdictions, with Bosnia Herzegovina, Guyana, Laos, Uganda and Vanuatu removed.
The 28 EU states have one month, which can be extended to two, to endorse the list.
Vera Jourova, EU justice commissioner who proposed the list, was quoted as saying she was confident states would not block it.
According to her, it was urgent to act on the list because of the “risks spread like wildfire in the banking sector.”
She added the commission would continue monitoring other jurisdictions not yet listed.
Inclusion on the list not only comes with reputational damage, it also complicates financial relations with the EU as the bloc’s banks would also have to carry out additional checks on payments involving entities from listed jurisdictions.
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