Summary:
The European Commission updated its list of high-risk third countries with significant deficiencies in their anti-money laundering and counter-terrorism financing (AML/CFT) systems. This update aims to strengthen the EU’s financial system protection by requiring EU entities to apply enhanced vigilance when dealing with transactions involving these countries.

Key points:

• Newly added high-risk countries: Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, Venezuela.
• Countries removed (delisted) from the list: Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, Uganda, United Arab Emirates.
• The update aligns with the Financial Action Task Force (FATF) list of “Jurisdictions Under Increased Monitoring” as the EU is a founding FATF member.
• The Commission conducted a thorough technical assessment based on well-defined criteria, including FATF data, bilateral talks, and on-site visits.
• The update is mandated by Article 9 of the 4th Anti-Money Laundering Directive and takes legal form through a delegated regulation subject to approval by the European Parliament and Council.

This measure reflects the EU’s ongoing commitment to enforcing global AML/CFT standards and cooperating internationally to combat financial crime.

Archive: https://archive.md/sV9OR