U.S. Secretary of the Treasury Steven Mnuchin talks to Financial Action Task Force President Marshall Billingslea as they pose for the official photo at the G20 Meeting of Finance Ministers in Buenos Aires, Argentina, July 21, 2018. REUTERS/Marcos Brindicci

PARIS (Reuters) – A European Union blacklist of nations it considers as anti-money laundering and terrorism-financing threats risks undermining the work of the Financial Action Task Force, the body’s head said on Friday.

The FATF is an inter-governmental organization that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

The European Commission earlier this month increased the number of countries on its list to 23 from 16, adding Saudi Arabia, Panama and four U.S. territories in a move that was criticized by some EU countries like Britain.

Read More: https://www.reuters.com/article/us-fatf-moneylaundering-eu-idUSKCN1QB18Z