The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021

JurisdictionUK Non-devolved

2021 No. 392

Financial Services

The Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021

Made 24th March 2021

Laid before Parliament 25th March 2021

Coming into force 26th March 2021

The Treasury, in exercise of the powers conferred by section 49 of and paragraphs 4 and 23 of Schedule 2 to the Sanctions and Anti-Money Laundering Act 20181, make the following Regulations.

S-1 Citation and commencement

Citation and commencement

1.—(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021.

(2) These Regulations come into force on 26th March 2021.

S-2 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

2.—(1) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20172are amended as follows.

(2) In regulation 33 (obligation to apply enhanced customer due diligence), for paragraph (3)(a) substitute—

“(a)

“(a) a “high-risk third country” means a country which is specified in Schedule 3ZA;”.

(3) In regulation 39(4) (reliance), for “a country which has been identified by the European Commission as a high-risk third country in delegated acts adopted under Article 9.2 of the fourth money laundering directive” substitute “a high-risk third country”.

(4) After Schedule 3 (relevant offences) insert—

SCHEDULE 3ZA

Regulation 33(3)

High-Risk Third Countries

1

1 Albania

2

2 Barbados

3

3 Botswana

4

4 Burkina Faso

5

5 Cambodia

6

6 Cayman Islands

7

7 Democratic People’s Republic of Korea

8

8 Ghana

9

9 Iran

10

10 Jamaica

11

11 Mauritius

12

12 Morocco

13

13 Myanmar

14

14 Nicaragua

15

15 Pakistan

16

16 Panama

17

17 Senegal

18

18 Syria

19

19 Uganda

20

20 Yemen

21

21 Zimbabwe”.

S-3 Revocation of Commission Delegated Regulation (EU) 2016/1675

Revocation of Commission Delegated Regulation (EU) 2016/1675

3. Commission Delegated Regulation (EU) 2016/1675 of 14th July 2016 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council by identifying high-risk third countries with strategic deficiencies is revoked.

James Morris

Rebecca Harris

Two of the Lords Commissioners of Her Majesty’s Treasury

24th March 2021

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the...

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