US voices ‘significant concerns’ over new EU money laundering blacklist

The US Treasury said on Wednesday it had "significant concerns" about the substance of a European Union Commission proposal to put 23 non-EU countries and terrirorities on a money laundering and terrorist financing blacklist. (AFP)
Updated 13 February 2019
Follow

US voices ‘significant concerns’ over new EU money laundering blacklist

  • US financial institutions will "not take into account" list, which includes Saudi Arabia
  • The list must be approved by the European Parliament and EU members

BRUSSELS: The US Treasury said on Wednesday it had "significant concerns" about the substance of a European Union Commission proposal to put 23 non-EU countries and terrirorities on a money laundering and terrorist financing blacklist.

The list of countries, which includes Saudi Arabia, was released on Tuesday and names states the EU Commission believes to pose a high risk when it comes to money laundering or funding terrorist activities.

A US Treasury statement said that the Financial Action Task Force (FATF) is the global standard-setting body for combating money laundering, terrorist financing, and proliferation financing.

The statement said the FATF, which includes the US, the European Commission, 15 EU member states, and 20 other jurisdictions, already develops a list of high-risk countries as part of a careful and comprehensive process.

The US treasury said the EU commission had not given the countries concerned sufficient time to discuss regulations, adding that it did not expect the US financial institutions to take the EU list into account in their policies and procedures.

EU Justice Commissioner Vera Jourova said on Wednesday that the list, which also named countries like North Korea and Nigeria, will be used to increase checks and investigations on financial operations to find any "suspicious money flows."

Jourova said that "we have to make sure that dirty money from other countries does not find its way to our financial system." She said that "Europe cannot be a laundromat for dirty money."

The European Parliament and the member states must now approve the list over the next weeks.


In show of support, Canada, France open consulates in Greenland

Updated 50 min 11 sec ago
Follow

In show of support, Canada, France open consulates in Greenland

  • Decisions taken in a strong show of support for Greenland government amid threats by US President Trump to seize the island

COPENHAGEN, Denmark: Canada and France, which both adamantly oppose Donald Trump’s wish to control Greenland, will open consulates in the Danish autonomous territory’s capital on Friday, in a strong show of support for the local government.
Since returning to the White House last year, Trump has repeatedly insisted that Washington needs to control the strategic, mineral-rich Arctic island for security reasons.
The US president last month backed off his threats to seize Greenland after saying he had struck a “framework” deal with NATO chief Mark Rutte to ensure greater American influence.
A US-Denmark-Greenland working group has been established to discuss ways to meet Washington’s security concerns in the Arctic, but the details of the talks have not been made public.
While Denmark and Greenland have said they share Trump’s security concerns, they have insisted that sovereignty and territorial integrity are a “red line” in the discussions.
“In a sense, it’s a victory for Greenlanders to see two allies opening diplomatic representations in Nuuk,” said Jeppe Strandsbjerg, a political scientist at the University of Greenland.
“There is great appreciation for the support against what Trump has said.”
French President Emmanuel Macron announced Paris’s plans to open a consulate during a visit to Nuuk in June, where he expressed Europe’s “solidarity” with Greenland and criticized Trump’s ambitions.
The newly-appointed French consul, Jean-Noel Poirier, has previously served as ambassador to Vietnam.
Canada meanwhile announced in late 2024 that it would open a consulate in Greenland to boost cooperation.
The opening of the consulates is “a way of telling Donald Trump that his aggression against Greenland and Denmark is not a question for Greenland and Denmark alone, it’s also a question for European allies and also for Canada as an ally, as a friend of Greenland and the European allies also,” Ulrik Pram Gad, Arctic expert at the Danish Institute of International Studies, told AFP.
“It’s a small step, part of a strategy where we are making this problem European,” said Christine Nissen, security and defense analyst at the Europa think tank.
“The consequences are obviously not just Danish. It’s European and global.”

Recognition

According to Strandsbjerg, the two consulates — which will be attached to the French and Canadian embassies in Copenhagen — will give Greenland an opportunity to “practice” at being independent, as the island has long dreamt of cutting its ties to Denmark one day.
The decision to open diplomatic missions is also a recognition of Greenland’s growing autonomy, laid out in its 2009 Self-Government Act, Nissen said.
“In terms of their own quest for sovereignty, the Greenlandic people will think to have more direct contact with other European countries,” she said.
That would make it possible to reduce Denmark’s role “by diversifying Greenland’s dependence on the outside world, so that it is not solely dependent on Denmark and can have more ties for its economy, trade, investments, politics and so on,” echoed Pram Gad.
Greenland has had diplomatic ties with the European Union since 1992, with Washington since 2014 and with Iceland since 2017.
Iceland opened its consulate in Nuuk in 2013, while the United States, which had a consulate in the Greenlandic capital from 1940 to 1953, reopened its mission in 2020.
The European Commission opened its office in 2024.