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Thursday, 08 February 2018 - 10:42
Sri Lanka added to EU's blacklist for money laundering
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European Union lawmakers have added Sri Lanka onto the bloc’s list of third countries considered at high risk of money laundering and terrorism financing.

Tunisia and Trinidad and Tobago were also added to the blacklist.

As part of its obligations under the EU’s Anti-Money Laundering Directive, the European Commission is periodically obliged to draw up a list of “high-risk third countries”.

Parliament has veto power over the blacklist, which is one of the tools in the European Union’s armoury to protect its financial system against money laundering and terrorist financing.

However, for many months, the list has been a source of disagreement between the European Commission and Parliament.

MEPs rejected two previous versions, after disagreements over the methodology used by the Commission for compiling the list.

Since then, the two bodies have agreed on a new methodology, which will be introduced at the end of this year, for adding and removing countries.
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