On Tuesday 10 June, the European Commission updated its list of high-risk jurisdictions with strategic deficiencies in their national anti-money laundering and countering terrorist financing (AML/CFT) regimes.
Amended twice a year, this update had been on hold since the European Parliament opposed the withdrawal of the United Arab Emirates in April 2024 (see EUROPE 13397/2).
As required by European legislation, 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’ (see EUROPE 13442/18, 13513/5, 13586/20). As a result, ten jurisdictions have been added – Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela – while eight have been removed, namely Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, Uganda and the United Arab Emirates.
Noting this long-awaited update, the Monegasque Government confirmed via a press release “its determination to implement the actions of the FATF Action Plan according to its set schedule”.
“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”, commented Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investment Union. “We trust that the co-legislators will move swiftly to endorse this important step”, she added.
The list now includes twenty-seven jurisdictions, as these ten countries are added to those already included on the list, the status of which has not changed: Afghanistan, Burkina Faso, Cameroon, Democratic Republic of the Congo, Haiti, Mali, Mozambique, Myanmar, Nigeria, South Africa, South Sudan, Syria, Tanzania, Trinidad and Tobago, Vanuatu, Vietnam and Yemen.
The updated list, which takes the form of a delegated regulation, will enter into force after scrutiny and non-objection by the European Parliament and the Council of the EU, within a period of one month (which may be extended by a further month).
Read the draft delegated act and its annex: https://aeur.eu/f/h8z (Original version in French by Anne Damiani)