Post Views: 230 Days after Transparency International released its damning report ranking Nigeria 33rd most corrupt nation on earth (READ HERE), the a...
Days after Transparency International released its damning report ranking Nigeria 33rd most corrupt nation on earth (READ HERE), the anti-graft and terrorism stance of President Muhammadu Buhari’s administration on Wednesday suffered yet another setback, as the European Commission added her to a blacklist of nations with lax controls on terrorism financing and money laundering. Nigeria found company with new additions: Saudi Arabia, Panama and four others
There are now 23 jurisdictions, up from 16 jurisdictions with “strategic deficiencies in their anti-money laundering and countering terrorist financing regimes”.
Others on the list are: fellow African countries- Ghana, Tunisia, Ethiopia, Libya, and Botswana, as well as Afghanistan, American Samoa, the Bahamas, North Korea, Guam, Iran, Iraq, Pakistan, Puerto Rico, Samoa, Sri Lanka, Syria, Trinidad and Tobago, US Virgin Islands and Yemen.
This means Nigeria and its co-travelers on the list face higher scrutiny in her financial dealings with the EU, whose banks would carry out additional checks on payments involving entities from those jurisdictions.
The move, according to Reuters, is part of a crackdown on money laundering after several scandals at EU banks but has been criticized by several EU countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia.
Apart from reputational damage, inclusion on the list complicates financial relations with the EU. The bloc’s banks will have to carry out additional checks on payments involving entities from listed jurisdictions.
The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority. EU justice commissioner Vera Jourova, who proposed the list, told a news conference that she was confident states would not block it.
She said it was urgent to act because “risks spread like wildfire in the banking sector.”