Anti-Money Laundering
The European Commission has unveiled its 'blacklist' of 23 jurisdictions where there is a significant risk of money laundering. The list contains 'third country' jurisdictions and includes places such as the Bahamas, the US Virgin Islands, Panama and Saudi Arabia.
The list will require all traders in the EU doing business in goods or services worth more than €10,000 in jurisdictions on the blacklist to undertake enhanced due diligence on transactions.
The blacklist comes as a result of the EU's Anti-Money Laundering Directive, which is currently being ratified by Member States, and will see the Commission undertake enhanced assessments of the jurisdictions on the list.
