The Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021

Approved by both Houses of Parliament

Madeat 12.30 p.m. on 12th July 2021

Laid before Parliamentat 4.00 p.m. on 12th July 2021

Coming into force13th July 2021

The Treasury, in exercise of the powers conferred by section 49 of and paragraphs 4 and 23 of Schedule 2 to the Sanctions and Anti-Money Laundering Act 20181, make the following Regulations.

Citation and commencement1.

(1)

These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021.

(2)

These Regulations come into force on 13th July 2021.

Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20172.

(1)

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20172 are amended as follows.

(2)

For Schedule 3ZA (high-risk third countries) substitute—

“SCHEDULE 3ZAHigh-Risk Third Countries
Regulation 33(3)
1.
Albania
2.
Barbados
3.
Botswana
4.
Burkina Faso
5.
Cambodia
6.
Cayman Islands
7.
Democratic People’s Republic of Korea
8.
Haiti
9.
Iran
10.
Jamaica
11.
Malta
12.
Mauritius
13.
Morocco
14.
Myanmar
15.
Nicaragua
16.
Pakistan
17.
Panama
18.
Philippines
19.
Senegal
20.
South Sudan
21.
Syria
22.
Uganda
23.
Yemen
24.
Zimbabwe”.

Maggie Throup

Rebecca Harris

Two of the Lords Commissioners of Her Majesty’s Treasury

At 12.30 p.m. on 12th July 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”) by substituting the list of high-risk third countries in Schedule 3ZA for a new list. Schedule 3ZA had originally been inserted into the MLRs by the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (S.I. 2021/392).

On the new list, Ghana is no longer classed as a high-risk country for the purposes of enhanced customer due diligence requirements in regulation 33(3).

Haiti, Malta, Philippines and South Sudan are now classed as high-risk countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).

An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.