2022 No. 1183

Financial Services

The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022

Approved by both Houses of Parliament

Made

Laid before Parliament

Coming into force

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 (High-Risk Countries) (Amendment) (No. 3) Regulations 2022.

2

These Regulations come into force on 15th November 2022.

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

Burkina Faso

4

Cambodia

5

Cayman Islands

6

Democratic People’s Republic of Korea

7

Democratic Republic of the Congo

8

Gibraltar

9

Haiti

10

Iran

11

Jamaica

12

Jordan

13

Mali

14

Morocco

15

Mozambique

16

Myanmar

17

Panama

18

Philippines

19

Senegal

20

South Sudan

21

Syria

22

Tanzania

23

Turkey

24

Uganda

25

United Arab Emirates

26

Yemen

Nigel HuddlestonAmanda SollowayTwo of the Lords Commissioners of His Majesty’s Treasury
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 was originally inserted into the MLRs by the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (S.I. 2021/392) and was subsequently amended by the Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021 (S.I. 2021/827), the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (S.I. 2021/1218), the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 (S.I. 2022/393) and the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/782).

On the new list, Nicaragua and Pakistan are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).

Democratic Republic of the Congo, Mozambique and Tanzania are now classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).

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