Amid stiff resistance from the 27 members of the European Union, Brussels has opted not to list Saudi Arabia and four US territories on the EU’s money laundering blacklist.

The EU blacklist penalises states and territories for failing to crack down on money laundering and terrorism financing, as well as territories that refuse to coordinate with the EU on all matters of transparency about the beneficial owners of companies and trustees.

The latest decision now means that in the wake of the Commission’s recommendations being rejected, the EU will not penalise or censure in any way Saudi Arabia, Guam, the US Virgin Islands, American Samoa, or Puerto Rico during any further banking on business transactions.