The European Commission has updated its list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes. EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system.
A number of third-country jurisdictions were added to the list (Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela), while other jurisdictions were delisted (Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates).
The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of “Jurisdictions under Increased Monitoring”. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards.
Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, said: “Identifying and listing high-risk jurisdictions remains a crucial tool to safeguard the integrity of the EU’s financial system. Following a thorough technical assessment and after listening carefully to the concerns expressed around its last proposal, the Commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF. We trust that the co-legislators will move swiftly to endorse this important step.”
Source: European Commission
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