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2/14, 5:17 AM (Source: TeleTrader.com)
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Saudi Arabia 'regrets' inclusion in EU blacklist

Saudi Arabia said that it regretted the European Commission's decision to add the country to a blacklist of governments which lack adequate control for thwarting money laundering, terrorism financing or organized crime in a statement released on Thursday by the Saudi Press Agency.

Remarkng on the matter, Finance Minister Mohammed al-Jadaan stated that "Saudi Arabia’s commitment to fighting money laundering and terrorism financing is a strategic priority for the Kingdom. We will continue to develop and enhance our regulatory framework to achieve this goal. We note the proposed revised list is subject to approval of both the European Parliament and Council of Ministers." He also called on EC officials and members of the European Parliament to visit Riyadh and observe the continuous efforts and initiatives taken by the country locally, regionally and internationally in the fight against terrorism-financing and money laundering.

Saudi Arabia's response came after the EC proposed on Wednesday that seven countries, including Saudi Arabia, be added to its blacklist. According to the announcement, EU-based banks and other financial institutions will have to apply extra checks for transactions involving countries identified on the list. However, the listing does not entail "any type of sanctions, restrictions on trade relations or impediment to development aid."

Breaking the News / DZ