{"id":14640,"date":"2025-06-06T07:30:26","date_gmt":"2025-06-06T07:30:26","guid":{"rendered":"https:\/\/infundpros.com\/?p=14640"},"modified":"2025-06-06T07:30:26","modified_gmt":"2025-06-06T07:30:26","slug":"eu-weighs-adding-russia-to-money-laundering-grey-list","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14640","title":{"rendered":"EU weighs adding Russia to money laundering \u2018grey\u2019 list"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=2fcd48c1-a9fb-455a-bbfd-f6c04cc1f686\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The EU is weighing whether to add Russia to its \u201cgrey list\u201d of countries with lax money laundering controls, as Brussels\u2019 lawmakers aim to increase financial pressure on Moscow.<\/p>\n<p>European Commission officials said they were considering adding Russia, a move that a majority of members of the European parliament have been advocating. But no decision has been taken, officials stressed.<\/p>\n<p>Markus Ferber, a German MEP who co-ordinates economic affairs for the centre-right European People\u2019s party, said: \u201cThere is huge support for putting Russia on the list.\u201d<\/p>\n<p>The full list requires backing from a majority of MEPs and was expected to be announced this week. But the commission pulled its adoption at the last minute for \u201cadministrative\/procedural reasons\u201d, a commission spokesperson said, adding it would be adopted early next week. <\/p>\n<p>Inclusion on the list carries reputational damage and requires financial institutions to carry out extra due diligence when processing transactions involving entities or people from the listed territories, resulting in higher costs.<\/p>\n<p>The EU\u2019s anti-money laundering and counterterrorism financing grey list usually follows the one issued by the Financial Action Task Force, an intergovernmental body set up to combat terrorism financing and money laundering.<\/p>\n<p>An earlier version of Brussels\u2019 list, seen by the Financial Times, mirrored the one last issued by FATF and planned to add Algeria, Angola, Kenya, Ivory Coast, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. It also planned to withdraw Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda and the United Arab Emirates.<\/p>\n<p>Even though Russia\u2019s membership of FATF was suspended a year after its invasion of Ukraine, several other countries would be expected to block any move to add it to the body\u2019s own grey list.<\/p>\n<p>Ferber urged Brussels to do more than simply adopt the FATF list, arguing: \u201c[The commission] should put their own work in. FATF just assesses the legal framework and not whether it is implemented. It is not enough for us.\u201d<\/p>\n<p>FATF removed the UAE and Gibraltar from its list in 2024, but the EU\u2019s attempt to follow suit failed last year when a majority of MEPs rejected the list. Social democrat, green and liberal MEPs objected to the Gulf state\u2019s exclusion, while Spanish conservatives refused to lift controls on Gibraltar, a British Overseas territory claimed by Madrid.<\/p>\n<p>\u201cThe socialists will not vote for the UAE and the conservatives will not vote for Gibraltar so there is no majority,\u201d said one parliamentary group official, forcing the commission to postpone its proposal.<\/p>\n<p>Adding Russia, which has been hit by EU sanctions over its full-scale invasion of Ukraine, would help to persuade MEPs to back the list, as they can only approve or reject but not amend it, officials from different parliamentary groups said.<\/p>\n<p>The UAE, which is negotiating a trade deal with the EU, said the money laundering issue is complicating efforts to improve bilateral ties, according to people familiar with the talks.<\/p>\n<p>Maro\u0161 \u0160ef\u010dovi\u010d, EU trade commissioner, launched formal trade talks last month on a visit to Abu Dhabi. The UAE has an 18-month deadline to conclude deals, putting pressure on Brussels to act swiftly.<\/p>\n<p>But he and the UAE government have said the money laundering issue was separate to trade talks.<\/p>\n<p>A UAE official said: \u201cOur commitment to anti-money laundering measures is\u2009.\u2009.\u2009.\u2009strong, and is\u00a0consistent with our efforts\u00a0to\u00a0develop regulatory frameworks in line with global best practice.\u201d<\/p>\n<p>Spain is pushing hard to resolve issues with the UK over Gibraltar after the UK left the EU in 2020. It claims sovereignty over the territory, which the Spanish king ceded to Britain in 1713, and wants to keep it on the EU\u2019s grey list to maintain leverage in negotiations.<\/p>\n<p>\u201cI don\u2019t think the Spanish will change their mind, especially with the Gibraltar-Brexit agreement still pending,\u201d said one person close to the conservative People\u2019s Party.<\/p>\n<p>The PP, which is the EPP\u2019s second-biggest delegation, is vital to winning parliamentary support for the commission\u2019s list. The PP and EPP, the largest caucus in parliament, both declined to comment on how they would vote on the proposal.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/2fcd48c1-a9fb-455a-bbfd-f6c04cc1f686\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The EU&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14640","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EU weighs adding Russia to money laundering \u2018grey\u2019 list | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The EU is weighing whether to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14640\" \/>\n<meta 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