European Commission Updates List Of High-risk Countries To Strengthen Global Fight Against Financial Crime
The European Commission has updated its list of high-risk countries and territories with strategic deficiencies in their national regimes for combating money laundering and terrorist financing (AML/CFT).
The European Commission has updated its list of high-risk countries and territories with strategic deficiencies in their national anti-money laundering and combating the financing of terrorism (AML/CFT) regimes. EU entities covered by the AML framework are required to exercise heightened vigilance 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 (Algeria, 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 United Arab Emirates).
The updated list takes into account the work of the Financial Action Task Force (FATF) Groupe d'action financière (GAFI) and, in particular, its list of “jurisdictions under enhanced scrutiny”. As a founding member of the FATF, the Commission is closely involved in monitoring the progress made by the listed jurisdictions, helping them to fully implement their respective action plans agreed with the FATF. Alignment with the FATF is important to fulfil the EU's commitment to promote and implement global standards.
Article 9 of the fourth anti-money laundering directive (Fourth Money Laundering Directive) la quatrième directive anti-blanchiment (quatrième directive anti-blanchiment) instructs the Commission to regularly update the list of high-risk third countries and territories.
The Commission has carefully considered the concerns expressed about its previous proposal and has carried out a thorough technical evaluation, 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 Money Laundering Directive) la quatrième directive anti-blanchiment (quatrième directive anti-blanchiment) instructs the Commission to regularly update the list of high-risk third countries and territories.
The updating 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 a period of one month (which may be extended by one month).