EU adds Algeria and Lebanon to high-risk money laundering list

The European Union is set to designate Algeria and Lebanon as high-risk countries for money laundering and terrorism financing, according to Al-Monitor.

The move places both nations on a list that subjects them to tighter scrutiny from European financial institutions and investors, making it more difficult to attract capital from EU member states.

Additional countries being added to the list include Angola, Côte d’Ivoire, Kenya, Laos, Monaco, Namibia, Nepal, and Venezuela.

Lebanon's inclusion is attributed to its ongoing political and economic turmoil, as well as longstanding concerns over the financing activities of Hezbollah and Islamic Jihad. Algeria, meanwhile, is being flagged due to systemic corruption and suspected large-scale money laundering. The country ranked 107th out of 180 in the 2024 Corruption Perceptions Index.

Conversely, several countries will be removed from the list following improvements in financial oversight and legal reforms. These include the United Arab Emirates, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda.

The UAE’s removal comes shortly after it launched free trade negotiations with the EU, marking a diplomatic and economic milestone.

The updated list will take effect unless formally opposed by EU member states in the coming weeks.