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European Parliament Pushes Back on EU Commission’s Updated Anti-Money Laundering Blacklist
Tensions are rising between the European Parliament and the European Commission over a controversial update to the EU’s anti-money laundering (AML) blacklist, as lawmakers continue to resist efforts to remove certain jurisdictions including the United Arab Emirates, Panama, and Gibraltar.
The updated list, published by the European Commission earlier this month, proposes adding countries such as Algeria, Angola, Kenya, Monaco, and Venezuela, while simultaneously delisting Barbados, Panama, the UAE, and Gibraltar. However, the changes cannot take effect without the approval of both the European Parliament and the Council—and the Parliament remains unconvinced.
Members of the European Parliament (MEPs) are questioning the rationale behind the delisting of jurisdictions accused of enabling financial misconduct and potentially assisting in the evasion of EU sanctions against Russia. In a resolution adopted in April 2024, Parliament firmly opposed the Commission’s proposal, arguing that some of the countries slated for removal continue to act as hubs for sanction circumvention.
“Those countries may act as platforms for circumvention of sanctions for Union entities, directly or indirectly, thus undermining the Union’s efforts in stopping the Russian war machine,” the resolution warned.
Speaking at a sparsely attended committee meeting in Brussels on Monday, EU Commissioner for Financial Services Maria Luis Albuquerque acknowledged the impasse and defended the Commission’s position. She stressed that the blacklist was the result of over a year of analysis, bilateral dialogues, and on-site evaluations—not simply a duplication of the Financial Action Task Force (FATF) list, as some MEPs have alleged.
“Our aim is to align with FATF without compromising the integrity of our process,” said Albuquerque. “The lack of alignment over the last 18 months has become a significant irritant in our international partnerships. It weakens our influence and creates confusion for European entities applying AML rules.”
However, lawmakers were not persuaded. MEP Luděk Niedermayer (EPP/Czechia) criticized the Commission for insufficient engagement with Parliament. Meanwhile, German Socialist Birgit Sippel accused the Commission of “copy-pasting” FATF decisions, dismissing the supposed strategic dialogues as unconvincing.
Albuquerque warned that the EU’s failure to adopt a unified list poses broader risks. “Conflicting blacklists increase compliance costs for EU operators and damage our global competitiveness,” she said.
Despite her appeals, the updated list remains stalled as Parliament continues to press for stricter scrutiny—particularly amid ongoing concerns about money laundering, sanctions evasion, and reputational harm to the bloc’s financial system.
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