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  • Writer's pictureAnna Stylianou

UK's Amendment to High-Risk Third Countries Definition

 On 22nd January 2024, HM Treasury issued a notice which amends the UK's definition of "high-risk country"to align with the list maintained by the Financial Action Task Force (FATF).

 




The United Kingdom requires businesses subject to Anti-Money Laundering (AML) regulations to take additional measures when dealing with customers from high-risk countries.

 

These additional measures include enhanced customer due diligence (EDD) and ongoing monitoring for any new or existing customers from high-risk countries.

 

The new definition requires businesses in the UK will need to refer to the FATF's lists to to determine which countries are considered high-risk. These lists are updated three times per year.

 

The FATF lists include:

 

  • Jurisdictions under increased monitoring (grey list) which include countries that have strategic deficiencies in its AML/CFT framework and are working under a plan to rectify them.

  • High-risk jurisdictions subject to a call for action (black list) which include countries that have more serious strategic deficiencies. The FATF calls all jurisdictions to apply counter-measures on these countries.

 

As of 22nd January 2024, the following countries are included in the FATF’s lists:

 

Barbados

Bulgaria

Burkina Faso

Cameroon

Croatia

Democratic People’s Republic of Korea (DPRK)

Democratic Republic of the Congo

Gibraltar

Haiti

Iran

Jamaica

Mali

Mozambique

Myanmar

Nigeria

Philippines

Senegal

South Africa

South Sudan

Syria

Tanzania

Turkey

Uganda

United Arab Emirates

Vietnam

Yemen

 

 

 

 

 

Additionally, the following countries are subject to UK financial sanctions as of 22nd January 2024:

 

DPRK

 Democratic Republic of the Congo

Iran

Mali

Myanmar

South Sudan

Syria

Yemen

 


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