https://uatv.ua/en/eu-may-add-russia-to-grey-list-over-money-laundering-financial-times/

The European Union is considering whether to add Russia to its “grey list” of countries with weak anti-money laundering controls, according to the Financial Times, as reported by Ukrinform.

European Commission officials have confirmed they are assessing the possibility of placing Russia on the list. The move is reportedly backed by a majority of members of the European Parliament.

“There is strong support for including Russia on the list,” said Markus Ferber, a Member of the European Parliament from the European People’s Party (EPP).

No final decision has been made yet.

Approval of the full grey list requires majority support in the European Parliament and was expected to be announced this week. However, the European Commission postponed the decision at the last minute due to “administrative/procedural reasons,” according to a Commission spokesperson. The list may now be adopted early next week.

Being added to the grey list carries reputational damage and imposes additional due diligence requirements on financial institutions processing transactions involving entities or individuals from listed jurisdictions, leading to higher compliance costs.

A draft version of the grey list, reviewed by the Financial Times, included countries such as Algeria, Angola, Kenya, Côte d’Ivoire, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.

Including Russia — already under EU sanctions for its full-scale invasion of Ukraine — could help sway Parliament members to approve the list. Notably, MEPs can only approve or reject the list in full; they cannot amend its contents.

In 2023, the EU already added Russia to its grey list of tax jurisdictions — a list of countries that do not fully comply with international tax standards.