{"id":18706,"date":"2019-02-14T00:24:59","date_gmt":"2019-02-14T00:24:59","guid":{"rendered":"http:\/\/qatar-tourism.com\/Ar\/2019\/02\/14\/eu-blacklists-saudi-arabia-what-does-it-mean\/"},"modified":"2019-02-14T00:24:59","modified_gmt":"2019-02-14T00:24:59","slug":"eu-blacklists-saudi-arabia-what-does-it-mean","status":"publish","type":"post","link":"https:\/\/qatar-tourism.com\/Ar\/2019\/02\/14\/eu-blacklists-saudi-arabia-what-does-it-mean\/","title":{"rendered":"EU blacklists Saudi Arabia: What does it mean?"},"content":{"rendered":"<div id=\"body-200771816342556199\" readability=\"152.182994455\">\n<p class=\"speakable\"><span lang=\"EN-GB\">The European Commission confirmed it intends to name Saudi Arabia on its updated list of high-risk jurisdictions for money laundering and terrorist financing. <\/span><\/p>\n<p class=\"speakable\"><span lang=\"EN-GB\">Other countries including Pakistan, Libya and Panama have also been added to the list, which the European Parliament is expected to ratify within one month.<\/span><\/p>\n<p class=\"speakable\"><span lang=\"EN-GB\">Financial institutions in EU member states will now have to commit to greater levels of scrutiny for transactions involving high-risk countries, including faster access for law enforcement agencies undertaking counter-terrorism investigations. <\/span><\/p>\n<p><span lang=\"EN-GB\">After a string of high-profile scandals involving EU-affiliated financial institutions and international accounts, the EC is acting. <\/span><\/p>\n<p><span lang=\"EN-GB\">Sven Giegold MEP told Al Jazeera &#8220;it&#8217;s a sign of European self-confidence\u2026the EU will insist on imposing its standards&#8221;.<\/span><\/p>\n<div data-embed-type=\"Brightcove\" data-embed-id=\"6000327405001\">\n<table class=\"in-article-item video\" border=\"0\">\n<tbody readability=\"1\">\n<tr>\n<td>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td readability=\"5\">\n<p>Will Saudi Arabia be held to account for Jamal Khashoggi&#8217;s murder?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><strong><span lang=\"EN-GB\">Saudi impact<\/span><\/strong><\/h2>\n<p><span lang=\"EN-GB\">The effect on Riyadh is likely to be threefold. First is the threat to investment from EU-related financial institutions, who had been targeted by Crown Prince Mohammed bin Salman as part of his Vision 2030 reform package.<\/span><\/p>\n<p><span lang=\"EN-GB\">Second is the public relations damage from alleged links between Saudi Arabia and alleged armed groups including Islamic States of Iraq and the Levant (ISIL, ISIS) and al-Qaeda. The EC is adamant that it has reason to believe Saudi Arabian individuals or financial institutions are at high risk of being used in money laundering or financing terrorism. These new measures bring the prospect of uncomfortable ties between Saudi Arabian entities and organisations accused of terrorism.<\/span><\/p>\n<p><span lang=\"EN-GB\">Thirdly, Saudi citizens around the world account for the second largest remittances market on Earth, valued at $37bn in 2017. Citizens using EU-regulated financial institutions can expect greater scrutiny of their accounts, with transfers potentially being delayed or disrupted.<\/span><\/p>\n<h2><strong><span lang=\"EN-GB\">Saudi-EU relations<\/span><\/strong><\/h2>\n<p><span lang=\"EN-GB\">Saudi Arabia&#8217;s inclusion on the list of high risk countries marks a definite shift in its relationship with the EU. <\/span><\/p>\n<p><span lang=\"EN-GB\">&#8220;Europe was simply not serious when it came to ML and TF, this is now changing,&#8221; said Giegold. <\/span><\/p>\n<p><span lang=\"EN-GB\">He said the decision to include Saudi Arabia is proof the EU is moving away from politically dominated decision making to one based on facts, though argued more must be done. <\/span><\/p>\n<p><span lang=\"EN-GB\">&#8220;It&#8217;s troubling that Dubai is not there,&#8221; he said, adding &#8220;there are 31 other countries still being evaluated; Dubai, Russia, Azerbaijan and others&#8221;. <\/span><\/p>\n<p><span lang=\"EN-GB\">Wednesday&#8217;s announcement sets a new course and will further threaten the development of the crown prince&#8217;s reform agenda. <\/span><\/p>\n<h2><strong><span lang=\"EN-GB\">Prince&#8217;s vision<\/span><\/strong><\/h2>\n<p>Vision 2030 began in 2016 as a programme to diversify the Saudi economy and encourage private investment. But foreign direct investment in the kingdom declined sharply in 2017 and investor confidence was further battered by the murder of Saudi writer Jamal Khashoggi last fall. The prospect of dealing with a country on the EC&#8217;s list could become a further deterrent to investors.<\/p>\n<p>The EU has been more vocal than the United States or individual EU member states in its criticism of Riyadh. The inclusion of Saudi Arabia on the list also reflects years of difficult questions from European voters about the challenges posed by international terrorist financing. Repeatedly the aftermath of attacks in Europe has seen law enforcement agencies&#8217; work hampered by poor data sharing.<\/p>\n<table class=\"in-article-item video\" border=\"0\">\n<tbody readability=\"1\">\n<tr>\n<td>\n<\/td>\n<\/tr>\n<tr readability=\"3\">\n<td readability=\"5\">\n<p>UN rapporteur: Khashoggi murder &#8216;perpetrated&#8217; by Saudi officials<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span lang=\"EN-GB\">The EU has been more vocal than the United States or individual EU member states in its criticism of Riyadh. The inclusion of Saudi Arabia reflects the EU&#8217;s disgust at Saudi Arabian involvement in the Khashoggi murder, as well as years of difficult questions from European voters about the challenges posed by international terrorist financing. Repeatedly the aftermath of attacks in Europe has seen law enforcement agencies&#8217; work hampered by poor data sharing.<\/span><\/p>\n<p><span lang=\"EN-GB\">The list has been drawn up using a new assessment model that the EC describes as &#8220;the strongest anti-money laundering standards in the world&#8221;.<\/span><\/p>\n<p><span lang=\"EN-GB\">&#8220;Europe cannot be a laundromat for dirty money which sponsors crime and terrorism,&#8221; said Vera Jourova, European Commissioner for Justice, on Wednesday.\u00a0<\/span><\/p>\n<p><span lang=\"EN-GB\">Officially the kingdom&#8217;s anti-money laundering and terrorism funding efforts are <a href=\"http:\/\/www.aml.gov.sa\/en-us\/Pages\/NationalRiskAssessment.aspx\">coordinated by a committee<\/a> whose membership involves several government ministries and agencies. The Saudi government does not publicise the findings of its own risk assessments, as many other countries do. <\/span><\/p>\n<p><span lang=\"EN-GB\">Countries can also be removed from the list and Jourova indirectly addressed Wednesday&#8217;s additions, saying &#8220;this is an invitation to address your weakness&#8221;. <\/span><\/p>\n<p><span lang=\"EN-GB\">Whether Saudi Arabia will answer the call remains to be seen, though Giegold was sanguine about the need for progress. &#8220;It doesn&#8217;t make the relationship easier, but it is necessary.&#8221;<\/span><\/p>\n<div data-embed-type=\"Brightcove\" data-embed-id=\"5999209690001\">\n<table class=\"in-article-item video Fullwidth\" border=\"0\">\n<tbody readability=\"1.5\">\n<tr>\n<td>\n<\/td>\n<\/tr>\n<tr readability=\"4.5\">\n<td readability=\"6\">\n<p>Saudi Arabia, UAE gave US arms to al-Qaeda-linked groups: Report<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The European Commission confirmed it intends to name Saudi Arabia on its updated list of high-risk jurisdictions for money laundering and terrorist financing. Other countries including Pakistan, Libya and Panama have also been added to the list, which the European Parliament is expected to ratify within one month. Financial institutions in EU member states will&hellip;<\/p>\n","protected":false},"author":4,"featured_media":18707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-18706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2","has_thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EU blacklists Saudi Arabia: What does it mean? - Qatar TourismQatar Tourism, Qatar news, Discover Qatar, tourism in Qatar, explore Qatar, Qatar adventures, Qatar today, Qatar events, desert safari Qatar, Qatar daily news, \u0642\u0637\u0631 \u0645\u063a\u0627\u0645\u0631\u0627\u062a , \u0627\u0644\u0633\u0641\u0627\u0631\u064a\u0631\u062d\u0644\u0627\u062a<\/title>\n<meta name=\"description\" content=\"Qatar Tourism, Qatar news, Discover Qatar, tourism in Qatar, explore Qatar, Qatar adventures, Qatar today, Qatar events, desert safari Qatar, Qatar daily news, \u0642\u0637\u0631 \u0645\u063a\u0627\u0645\u0631\u0627\u062a , \u0627\u0644\u0633\u0641\u0627\u0631\u064a\u0631\u062d\u0644\u0627\u062a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qatar-tourism.com\/Ar\/2019\/02\/14\/eu-blacklists-saudi-arabia-what-does-it-mean\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU blacklists Saudi Arabia: What does it mean? 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