The EU updates its high-risk third-country jurisdictions
29/05/2023
The European Commission has updated its list of high-risk third-country jurisdictions presenting strategic deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) regimes.
- Two third-country jurisdictions added
- Nigeria and South Africa,
- Two jurisdictions delisted:
- Cambodia and Morocco.
This list considers the Financial Action Task Force (FATF) information and the changes decided at the last FATF Plenary of February 2023 in the list of 'Jurisdictions under Increased Monitoring '('grey list').
European financial institutions and other gatekeepers such as notaries, lawyers and accountants (called 'obliged entities' in the directive) must apply enhanced vigilance in transactions involving high-risk third-country jurisdictions (so-called 'enhanced customer due diligence requirements').
Under Article 9 of Directive (EU) 2015/849, the 4th Anti-money Laundering Directive, the Commission is mandated to adopt and update such a list regularly to take into account information from international organisations and standard setters in the field of AML/CFT, such as the FATF.
The update of the list of high-risk third-country jurisdictions takes the legal form of a delegated regulation which will enter into force after scrutiny and non-objection of the European Parliament and the Council over one month (which can be prolonged for another month).
Source European Commission - May 17, 23
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