Lebanon added to EU list of
high-risk for money laundering

Cites deficiencies in anti-money laundering

and counter-terrorism financing framework

The European Union has announced the addition of Lebanon and several other countries to its list of high-risk nations for money laundering.

In a statement, the European Commission said that it has updated the list of countries requiring enhanced scrutiny regarding anti-money laundering (AML) measures. Newly added to the list are Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.

These countries are now considered to pose significant threats to the EU's financial system due to deficiencies in their anti-money laundering and counter-terrorism financing frameworks. The classification means that financial institutions operating in the EU will have to apply increased due diligence measures when dealing with entities and individuals from these jurisdictions.

The Commission has removed the UAE, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda from the list, acknowledging improvements in their financial oversight and regulatory compliance.

Lebanon was already under heightened international scrutiny after being placed on the Financial Action Task Force’s (FATF) ‘grey list’ last year, which flags countries subject to special monitoring due to strategic deficiencies in combating financial crime.