On 22nd January 2024, HM Treasury issued a notice which amends the UK's definition of "high-risk country"to align with the list maintained by the Financial Action Task Force (FATF).
The United Kingdom requires businesses subject to Anti-Money Laundering (AML) regulations to take additional measures when dealing with customers from high-risk countries.
These additional measures include enhanced customer due diligence (EDD) and ongoing monitoring for any new or existing customers from high-risk countries.
The new definition requires businesses in the UK will need to refer to the FATF's lists to to determine which countries are considered high-risk. These lists are updated three times per year.
The FATF lists include:
Jurisdictions under increased monitoring (grey list) which include countries that have strategic deficiencies in its AML/CFT framework and are working under a plan to rectify them.
High-risk jurisdictions subject to a call for action (black list) which include countries that have more serious strategic deficiencies. The FATF calls all jurisdictions to apply counter-measures on these countries.
As of 22nd January 2024, the following countries are included in the FATF’s lists:
Barbados | Bulgaria | Burkina Faso | Cameroon | Croatia | Democratic People’s Republic of Korea (DPRK) |
Democratic Republic of the Congo | Gibraltar | Haiti | Iran | Jamaica | Mali |
Mozambique | Myanmar | Nigeria | Philippines | Senegal | South Africa |
South Sudan | Syria | Tanzania | Turkey | Uganda | United Arab Emirates |
Vietnam | Yemen |
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Additionally, the following countries are subject to UK financial sanctions as of 22nd January 2024:
DPRK | Democratic Republic of the Congo | Iran | Mali |
Myanmar | South Sudan | Syria | Yemen |
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