Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 made: Brexit SI
26/03/2021
On 25 March 2021,
- The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (SI 2021/392) were published on gov.uk, = https://www.legislation.gov.uk/uksi/2021/392/pdfs/uksi_20210392_en.pdf
- Together with an explanatory memorandum. = https://www.legislation.gov.uk/uksi/2021/392/pdfs/uksiem_20210392_en.pdf
The Regulations, which were made on 24 March 2021, amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (Money Laundering Regulations 2017 or MLRs 2017).
They insert a new Schedule 3ZA into the MLRs 2017, which sets out a list of high-risk third countries.
The Regulations also change the definition of a "high-risk third country" in regulation 33(3)(a) of the MLRs 2017 from a country that has been defined as such by a European Commission delegated act to a country specified in the new Schedule 3ZA, and they make a consequential amendment to regulation 39(4).
The Regulation also revoke the retained EU law version of Commission Delegated Regulation (EU) 2016/1675 which set out the list of third countries identified by the European Commission as high risk. This list has been superseded by the new list set out in Schedule 3ZA.
The Regulations come into force on 26 March 2021.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.