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Ghana makes the EU's list of countries with weak money laundering and terrorism rules

EU blacklists Ghana over fragile money laundering rules
  • The European Union has blacklisted Ghana for having weak laws on money laundering and terrorism.
  • The 28 EU states are not happy with the development especially with inclusion of Saudi Arabia.
  • Among the 23 countries are Ghana, Saudi Arabia, Panama, and Nigeria.

The European Commission has named Ghana as one of the countries blacklisted for a being threat due to its weak control on terrorism financing and money laundering.

The EU commissioner for justice and gender equality, Vera Jourova said the countries were 23 in all.

“The European Commission adopted today a list of 23 third countries with weak rules against money laundering and terrorism financing. I would like first to explain the context and our main objectives. The EU must not be a destination for illicit money. The EU financial system must not serve as a vehicle for money laundering and must not serve as an instrument for financing crime including terrorism.” 

Some of the countries in this group include Saudi Arabia, Panama, and Nigeria.

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The Commission also added Libya, Botswana, Samoa, the Bahamas, and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico, and Guam.

This has led to some EU states criticising the union. Most of the states criticising this move are worried about their economic relations with the listed states, especially Saudi Arabia.

The commission has decided to add the kingdom despite pressure to exclude Riyadh.

The 28 EU states have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority.

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