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EU Caved To US, Saudis Over Dirty Money, Parliament Says

Law360, London (March 15, 2019, 11:46 AM GMT) -- The European Parliament has suggested that member states caved in to diplomatic pressure when they refused to blacklist Saudi Arabia and four U.S. territories earlier this month for their allegedly weak safeguards against money laundering and terrorist financing.

Lawmakers “overwhelmingly” voted on a show of hands on Thursday to back a motion stating that political pressure should not be allowed to undermine the European Union’s ability to tackle illicit flows of finance, the Parliament said in a statement.

“MEPs expressed concern ... that member states have scuppered the commission’s plan to place new countries on the EU money-laundering blacklist,” the Parliament...

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