EC adopts Delegated Regulation updating AML/CFT high-risk third country List

The European Commission (EC) has adopted a Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to update the list of high-risk third countries with strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes, pursuant to article 9 of the Anti-Money Laundering and Terrorist Financing Directive VI. The amendment has added Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela to the list. These jurisdictions have made high-level political commitments to address these deficiencies and have developed action plans in cooperation with the Financial Action Task Force (FATF). The EC urges the timely and effective completion of these respective action plans. Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda and the United Arab Emirates have been removed from the list, having demonstrated significant improvements in their AML/CFT frameworks following the implementation of their respective FATF-agreed action plans. The Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, which is on 30 June.

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