EU nixes black list naming Panama

The 28  member countries of that make up the  European Union (EU) have rejected the ‘black’ list drawn up by the European Commission that included Panama on the grounds that its financial system ran a “high risk” of money laundering.  

On Thursday, March 7   a joint statement said:”The Council can not support the current proposal, which was not established with a transparent and solid process that actively encourages the affected countries to take decisive measures while respecting the right to be heard.”

The decision, taken unanimously on Wednesday at the diplomatic level requires the community executive to present a new proposal.  

The Brussels institutions regretted the rejection claiming it has been gestated “without any debate at a political level”.  

In the Commission’s opinion, the list was configured after a “deep analysis” based on a “solid” methodology and with the “highest level” of transparency.  

The Commission’s spokesperson, Margaritis Schinas, said that Europe “will continue working” to fight against money laundering.