UK Anti-Money Laundering Regs: Key Changes in Netherlands Take Effect
As of June 28, 2024, significant changes have taken hold in the UK’s anti-money laundering regulations, particularly affecting businesses operating in the Netherlands. The Financial Action Task Force (FATF) has updated its lists of high-risk third countries, and the UK government has amended its own list accordingly.
Key Changes
- Enhanced Due Diligence Requirements: Any business relationship with a person established in a high-risk third country must be subject to enhanced due diligence (EDD).
- Removal of Schedule 3ZA: The UK government has removed Schedule 3ZA from the Money Laundering Regulations 2017.
- Revised Definition of High-Risk Third Country: The revised definition refers to the FATF’s lists of high-risk jurisdictions subject to a call for action or increased monitoring.
What This Means for Businesses in the Netherlands
These changes are part of the UK government’s efforts to tackle money laundering and terrorism financing, as mandated by section 49 of the Sanctions and Anti-Money Laundering Act 2018. Businesses operating in the Netherlands should ensure they comply with these updated regulations and take necessary steps to enhance due diligence measures for transactions and business relationships with persons established in high-risk third countries.
Affected Countries
- Monaco: Added to the FATF lists
- Venezuela: Added to the FATF lists
- Jamaica: Removed from the FATF lists
- Turkey: Removed from the FATF lists