The European Commission has included Nigeria, Saudi Arabia and Panama to a blacklist of nations that pose a threat as a result of lax regulation pertaining to terrorism financing and money laundering.

As a byproduct of this, it is likely that this will result in banks based in E.U. territory carrying out additional checks on transactions with Nigerian banks.

With this, the list of blacklisted territories goes up to 23 from 16.

The 28 EU member states have one month, extendable to two, to endorse the list. They could reject it by qualified majority. EU Justice Commissioner Vera Jourova, who proposed the list, told a news conference she was confident the states would approve it.

via Reuters