EU Regulation Updates High-Risk Countries List for Anti-Money Laundering and Combating Terrorism Financing
The European Union has recently updated its Annex of Delegated Regulation (EU) 2016/1675, which lists high-risk third countries for anti-money laundering and combating the financing of terrorism (AML/CFT) purposes. This update reflects progress made by certain countries in addressing strategic deficiencies in their AML/CFT regimes.
Key Changes to the List
Removals from the List
- The Bahamas
- Botswana
- Ghana
- Iraq
- Mauritius have been removed from the list as they have addressed the strategic deficiencies in their AML/CFT regimes.
New Additions to the List
- Burkina Faso
- Cayman Islands
- Haiti
- Jordan
- Mali
- Morocco
- The Philippines
- Senegal
- South Sudan have been added to the list of high-risk third countries that have not yet addressed the identified deficiencies.
Ongoing Efforts to Combat Money Laundering and Terrorism Financing
The Commission will continue to work with FATF Style Regional Bodies and other international partners to monitor the evolution of these countries’ AML/CFT regimes and provide technical assistance where necessary. The Commission is committed to providing technical assistance to third countries listed in the Annex to help them remedy identified strategic deficiencies.
Conclusion
This regulation reflects the EU’s ongoing efforts to combat money laundering and terrorism financing by ensuring that high-risk countries are held accountable for addressing their AML/CFT deficiencies. By working together with international partners, the Commission aims to strengthen global cooperation and reduce the risk of financial crime.