The European Commission has updated its list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes. EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system.
A number of third-country jurisdictions were added to the list (Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela), while other jurisdictions were delisted (Barbados, Gibraltar, Jamaica, Panama, the 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 Increased Monitoring”. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards.
The Commission has carefully considered the concerns expressed regarding its previous proposal and conducted a thorough technical assessment, based on specific criteria and a well-defined methodology, incorporating information collected through the FATF, bilateral dialogues, and on-site visits to the jurisdictions in question.
Article 9 of the 4th Anti-money Laundering Directive (4AMLD) mandates the Commission to regularly update the list of high-risk third-country jurisdictions. The update of the list takes the legal form of a delegated regulation, which will enter into force after scrutiny and non-objection of the European Parliament and the Council within one month (which can be prolonged for another month). Enditem
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