Latest news with #MariaLuisAlbuquerque
Euronews
2 days ago
- Business
- Euronews
MEPs clash with the EU Commission over anti-money laundering blacklist
MEPs are still at odds with the EU Commission over its list of third-country jurisdictions deemed insufficient in their anti-money laundering and countering the financing of terrorism regimes. The EU's 'blacklist' hasn't aligned with that of the Financial Action Task Force (FATF)—the global watchdog on money laundering and terrorist financing—for over a year and a half. According to EU Commissioner for Financial Services, Maria Luis Albuquerque, this misalignment has created 'significant irritants with international partners'. 'If we are perceived as not respecting the outcomes of the process, this risks undermining our ability in the future to influence technical assessments and secure the commitments we would like to see from other jurisdictions,' argued Albuquerque during a committee meeting in the European Parliament on Monday. Earlier this month, the Commission updated its list, adding countries such as Algeria, Angola, Kenya, Monaco, and Venezuela. Meanwhile, several jurisdictions—including Barbados, Gibraltar, Panama, and the United Arab Emirates—were removed. However, this list cannot enter into force without the scrutiny and assent of both the European Parliament and the Council – and the Commission has not yet convinced MEPs to support it. In a resolution adopted in April 2024, MEPs opposed the Commission's decision to delist Gibraltar, United Arab Emirates (UAE), and Panama, citing compelling evidence that these jurisdictions have failed to take sufficient steps to address—or even actively facilitate—the circumvention of sanctions against Russia. These sanctions include targeted financial measures imposed in response to Russia's war of aggression against Ukraine. Parliament has concerns delisted countries may circumvent Russia sanctions 'Those countries may act as platforms for circumvention of sanctions for Union entities, directly or indirectly, thus undermining the Union's efforts in stopping the Russian war machine,' the resolution stated. Speaking to a half-empty room at the EU Parliament in Brussels, from which political groups such as Renew Europe, the European Sovereign Nations (ESN) and The Left were absent, Albuquerque argued that their concerns had been addressed and that these jurisdictions had made "tangible progress". Those present publicly aired their frustration with the process. 'It doesn't seem to me that the possibility to engage in dialogue with the European Parliament was utilized to the extent that corresponds to very strong involvement of the Parliament in this matter,' MEP Luděk Niedermayer (European People's Party/Czechia) said. The Commissioner herself expressed her concerns about the current impasse. 'The fact that countries listed by the FATF are still not listed by the EU exposes the EU's financial system to vulnerabilities and can create loopholes that need to be addressed,' she said. The Portuguese Commissioner also pointed out that the absence of an updated European list causes confusion and legal uncertainty for entities that must apply anti-money laundering rules. 'EU operators have to comply with divergent lists which increase their compliance burden, adds additional costs and impacts their global competitiveness,' Albuquerque added. Yet neither the diplomatic argument over negotiations with the UAE nor the concerns over reputational and economic risks shielded the Commissioner from a combative exchange with MEPs. Among the most vocal critics was German Socialist Birgit Sippel, who accused the Commission of merely replicating FATF assessments. 'I have the impression that more or less the Commission is simply copy-pasting the reports and decisions from the FATF, and to be honest, simply mentioning visits and strategic dialogues are not that much convincing,' Sippel said. The Commissioner countered that the blacklist was the product of over a year of 'intense work', based not only on FATF findings but also on bilateral dialogues and on-site visits to the third countries concerned.
Daily Tribune
11-06-2025
- Business
- Daily Tribune
EU removes UAE from ‘high-risk' money-laundering list, adds Monaco
The EU yesterday announced the removal of the United Arab Emirates from its money-laundering 'high-risk' list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a 'grey list' of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. 'The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had 'taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise'. It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list 'in the short term'.
The Sun
11-06-2025
- Business
- The Sun
EU removes UAE from ‘high-risk' money-laundering list, adds Monaco
BRUSSELS: The EU on Tuesday announced the removal of the United Arab Emirates from its money-laundering 'high-risk' list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a 'grey list' of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. 'The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had 'taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise'. It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list 'in the short term'.
Gulf Today
10-06-2025
- Business
- Gulf Today
EU removes UAE from 'high-risk' money-laundering list
The European Union (EU) on Tuesday announced the removal of the United Arab Emirates from its money-laundering "high-risk" list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a "grey list" of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. "The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF," the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had "taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise." It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list "in the short term." Agence France-Presse
Time of India
10-06-2025
- Business
- Time of India
European Union removes UAE from money laundering high-risk list
Monaco joins the EU's 'high-risk' list alongside nine other jurisdictions, while UAE is removed In a significant development for its global financial standing, the European Union on Tuesday announced the removal of the United Arab Emirates from its money-laundering "high-risk" list. This decision reflects growing international recognition of the UAE's intensified efforts to combat financial crimes. Alongside the UAE, seven other jurisdictions were also removed from the list: Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. A Shifting Landscape: New Additions and Deletions While the UAE and others exited the high-risk list, the European Commission also revealed new additions. Monaco was included alongside nine other jurisdictions now subject to increased scrutiny of their money laundering controls. These newly added countries are Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela. The EU's move aligns closely with the assessments of the Financial Action Task Force (FATF), a Paris-based international watchdog. The FATF reviews the efforts of over 200 countries and jurisdictions in preventing money laundering and terrorism financing, compiling a "grey list" for nations under increased monitoring. Notably, the FATF had already removed the Philippines from its list of countries facing increased monitoring in February, while adding Laos and Nepal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 서울 특별시 거주자 전용: 무료 영웅 캐릭터를 받으세요! 레이드 섀도우 레전드 Undo Monaco has been on the FATF list since mid-2024, a list which also includes EU member states Bulgaria and Croatia. Commitment to International Standards and Future Steps Maria Luis Albuquerque, the EU's commissioner for financial services, underscored the importance of this update. She stated, "The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF." The updated EU list is not yet final. It will now undergo scrutiny by the European Parliament and member states. If there are no objections, the revised list will officially enter into force within one month, as confirmed by the Commission. Monaco's government, upon taking note of this expected update, issued a statement acknowledging their anticipated placement on the EU list, unless the European Parliament or the Council of the EU decides otherwise. The principality also stressed its firm commitment to take all necessary steps to be removed from the FATF's grey list "in the short term," indicating proactive measures to address international concerns. Also read: UAE Launches Major Money Laundering Crackdown, Collecting Dh339 Million in Fines UAE's Proactive Stance: A Glimpse at Recent Efforts The EU's decision to remove the UAE from its high-risk list comes amidst significant and widely publicized efforts by the Emirates to strengthen its anti-money laundering and counter-terrorism financing framework. In recent months, UAE regulators have launched an intense crackdown, levying over Dh339 million in fines against local exchange houses, foreign bank branches, and insurance companies. This aggressive stance includes imposing hefty penalties, pursuing systemic weaknesses in monitoring suspicious transactions, and expanding regulatory oversight to high-risk sectors such as real estate, gold and jewellery trading, auditing, and corporate service providers. Furthermore, the UAE Ministry of Economy has teamed up with Dubai Police to enhance surveillance and data sharing on beneficiary ownership details, reinforcing the nation's commitment to protecting its financial system from abuse.
