The European Union is preparing an overhaul of its listing of countries that pose terror financing and money-laundering risks that will allow Saudi Arabia to be moved to a new gray list.
The European Union added the kingdom to its blacklist in February.
The commissioner in charge of the issue, Czech liberal Vera Jourova, has come up with a revised process to list countries as the new process would be based on a staged approach.
Risk countries would need to commit to bloc terrorism financing and money laundering and threat practices by set deadlines.
The countries would be effectively produce a gray list of jurisdictions and would be blacklisted if they failed to apply required reforms.
