14 February 2019•Update: 14 February 2019
RIYADH
Saudi Arabia on Thursday voiced its “regret” over its inclusion on the EU’s revised list of countries considered to be "high risk" in terms of terrorism financing and money laundering.
“Saudi Arabia notes with regret the European Commission’s revised list… which includes Saudi Arabia, despite the latter’s adoption of measures to reinforce its legal framework, leading to enhanced cooperation with its counterparts,” read a government statement carried by the Saudi Press Agency.
“The Kingdom reaffirms its commitment to the common fight against money laundering and terrorism financing -- a commitment it shares with its international partners and allies,” it added.
The statement goes on to point out that Saudi Arabia remains an active member of a U.S.-led military coalition against the Daesh terrorist group.
Saudi Finance Minister Mohamed al-Jadaan, for his part, was quoted as saying that Riyadh’s commitment to combatting the twin trends remains a “strategic priority for the Kingdom”.
“We will continue to develop and enhance our regulatory framework to achieve this goal,” SPA quoted al-Jadaan as saying, going on to stress that the revised list still required the approval of the European Parliament.
On Wednesday, the European Commission added Saudi Arabia’s name to its list, which, according to a commission statement, "is aimed at protecting the EU financial system by preventing risks posed by money laundering and terrorist financing".
“As a result of the listing,” the statement adds, “banks and other entities covered by EU anti-money laundering rules will be required to apply increased checks (due diligence) on financial operations involving customers and financial institutions from these high-risk third countries to better identify any suspicious money flows."
Along with Saudi Arabia, the revised list also reportedly includes Afghanistan, American Samoa, the Bahamas, Botswana, North Korea, Ethiopia, Ghana, Guam, Iran, Iraq, Libya, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, the U.S. Virgin Islands and Yemen.
