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Europe nixes black list naming Panama

Friday, March 8, 2019

The 28  member countries of the European Union 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.

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, Newsroom Panama reports.