The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024
| Jurisdiction | UK Non-devolved |
| Year | 2024 |
| Citation | SI 2024/69 |
2024 No. 69
Financial Services
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024
Made 22th January 2024
Laid before Parliament 22th January 2024
Coming into force 23th January 2024
The Treasury make these Regulations 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.
Citation, commencement and extent
1.—(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024.
(2) These Regulations come into force on 23rd January 2024.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Meaning of high-risk third country in 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(3)(a) (obligation to apply enhanced customer due diligence: meaning of high-risk third country), for “a country which is specified in Schedule 3ZA” substitute—
“
a country named on either of the following lists published by the Financial Action Task Force as they have effect from time to time—
(i)
(i) High-Risk Jurisdictions subject to a Call for Action;
(ii)
(ii) Jurisdictions under Increased Monitoring3;
(3) Omit Schedule 3ZA (high-risk third countries).
Scott Mann
Joy Morrissey
Two of the Lords Commissioners of His Majesty’s Treasury
At 1.45 p.m. on 22nd January 2024
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ( S.I. 2017/692) (“the MLRs”) by amending the definition of “high-risk third country” in regulation 33(3)(a). A “high-risk third country” for the purposes of the MLRs will now mean a country named by the Financial Action Task Force from time to time on lists it publishes: on the list of High-Risk Jurisdictions subject to a Call for Action or the list of Jurisdictions under Increased Monitoring. Schedule 3ZA is removed from the MLRs.
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