The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024

Meaning of high-risk third country in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

2.—(1) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(1) are amended as follows.

(2) In regulation 33(3)(a) (obligation to apply enhanced customer due diligence: meaning of high-risk third country), for “a country which is specified in Schedule 3ZA” substitute—

“a country named on either of the following lists published by the Financial Action Task Force as they have effect from time to time—

(i) High-Risk Jurisdictions subject to a Call for Action;

(ii) Jurisdictions under Increased Monitoring(2);”.

(3) Omit Schedule 3ZA (high-risk third countries).

(1)

S.I. 2017/692, amended by S.I. 2019/253, 2019/1511, 2020/991, 2021/392, 2021/827, 2021/1218, 2022/393, 2022/782, 2022/1183, 2023/704 and 2023/1306. There are other amending instruments but none is relevant.

(2)

The list of High-Risk Jurisdictions Subject to a Call for Action and the list of Jurisdictions under Increased Monitoring published by the Financial Action Task Force as they have effect from time to time are available at https://www.fatf-gafi.org/en/topics/high-risk-and-other-monitored-jurisdictions.html. A hard copy of the lists is available on request from HM Treasury at 1 Horse Guards Road, London SW1A 2HQ.