The European Union has added Lebanon to its list of countries considered “high-risk” in terms of money laundering. ©Al-Markazia
In an official announcement on Tuesday, the European Commission stated that it had added Lebanon, Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Monaco, Namibia, Nepal and Venezuela to the list of jurisdictions that require enhanced monitoring of their anti-money laundering efforts.
At the same time, the Commission removed the United Arab Emirates from the high-risk list. Other countries also removed include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda.
The EU regularly updates this list to reflect the effectiveness of countries’ efforts in preventing money laundering and ensuring financial oversight. Countries on the list are considered to require additional supervision of their financial systems.
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