Monaco and Venezuela on EU money laundering blacklist, UAE and 7 other countries removed

The European Union has updated its list of high-risk countries for money laundering and terrorist financing, adding the Principality of Monaco for the first time among problematic names such as Syria, Myanmar and Burkina Faso.

At the same time, Venezuela has also been included in the blacklist, while the United Arab Emirates and Gibraltar have been removed from this list.

According to Politico, last year, the European Parliament, which, like the Council, can object, rejected the initial attempt to remove the UAE from the list and resisted the same proposal promoted behind closed doors by Financial Services Commissioner Maria Luisa Albuquerque.

MEPs also pressured the Commission to include Russia on the list, which was not done due to a strong reaction from BRICS, of which Russia is a member.

Last week, Czech EPP MEP Luděk Niedermayer called on the Commission to "seriously consider" Russia's blacklist, according to documents cited by Politico.

The European Commission usually agrees with the decisions of the Financial Action Task Force (FATF), which was created in 1989 by the G7. This is what happened now, including Monaco on the list of countries with shortcomings in the fight against money laundering, although they have pledged to address them.

While Monaco was added to the list, the United Arab Emirates was removed. The EU is competing with the US to strike a trade deal with the Emirates.

Opposition to their removal was partially quelled when the UAE sent written commitments to strengthen judicial cooperation with the EU and Europol, and this was preceded by a mission of MEPs to the country.

However, some MEPs consider the UAE's progress insufficient. German Green MEP Rasmus Andresen said that "the UAE has not made enough progress" and stressed that a trade deal with the Emirates would allow "criminals to channel illicit funds back into our financial system".

At the same time, the Spanish center-right expressed dissatisfaction with the removal of Gibraltar from the list.

Countries that were added to the list of high-risk countries: Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela.

Countries that were removed from the list: Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, Uganda and the United Arab Emirates.

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