EU commission removes UAE, adds Lebanon and Algeria to money laundering list: What to know

The European Union has begun the process of removing the United Arab Emirates from its list of countries considered high risk for money laundering and terrorist financing. At the same time, the 27-member bloc has added Algeria and Lebanon to the list.

The European Commission, the bloc’s executive arm, made the announcement in a statement on Tuesday. The changes will take effect unless EU member states or the European Parliament raise objections in the coming weeks, the EC said.

In addition…