Brussels – The European Commission has updated its list of high-risk countries and territories with strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes.
EU entities covered by the AML/CFT framework are required to exercise increased due diligence in transactions involving these countries. This is important to protect the EU’s financial system.
A number of third-country jurisdictions have been added to the list ( Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela), while other jurisdictions have been removed from the list (Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, Uganda and the United Arab Emirates).
The updated list takes into account the work of the Financial Action Task Force (FATF) and, in particular, its list of “jurisdictions under enhanced monitoring”. As a founding member of the FATF, the Commission is closely involved in monitoring the progress made by the listed jurisdictions, supporting them to fully implement their respective action plans agreed with the FATF. Alignment with the FATF is important to uphold the EU’s commitment to promoting and implementing global standards.
The Commission has carefully considered the concerns expressed about its previous proposal and has carried out a thorough technical assessment, based on specific criteria and a well-defined methodology, incorporating information gathered through the FATF, bilateral dialogues and on-site visits to the jurisdictions in question.
Article 9 of the Fourth Anti-Money Laundering Directive (Fourth Anti-Money Laundering Directive) instructs the Commission to regularly update the list of high-risk third countries and territories.
The update of the list takes the legal form of a delegated regulation, which will enter into force after examination and non-objection by the European Parliament and the Council within one month (which may be extended by one month).
