The European Commission placed Saudi Arabia on its money laundering blacklist on 13 February, in a move that has sparked furore in the kindom. The list contains 23 counties “with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.” Finance Minister Muhammad al-Jadaan slammed the move on 14 February, “Saudi Arabia’s commitment to fighting money laundering and terrorism financing is a strategic priority for the Kingdom. We will continue to develop and enhance our regulatory framework to achieve this goal.” He added that the move still has to be ratified by the European Parliament and Council of Ministers.

At least Riyadh can be content that it is not being outshone by Iran, with its key regional rival joining it on the list alongside Iraq, Syria, Yemen and Libya. (CONTINUED - 127 WORDS)