EU publishes list of 23 countries with strategic AML deficiencies

Last week the European Commission unveiled a list of 23 countries said to have “strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks”. I find this EU lead initiative (apart from the FATF initiatives) particularly interesting as it will continue to shape and influence the compliance and AML agendas of Banks and Payment Account providers. The announcement is likely to set off a fierce lobbying effort by the affected countries, including countries such as Nigeria, Panama and Saudi Arabia which have extensive financial dealings with Europe.

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