Amendments to Regulation 33 of the Money Laundering Regulations 2017 came into effect on 23rd January.
The change has been made by The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024.
The meaning of a high-risk third country under the MLRs now means a country named by the Financial Action Task Force (FATF) on its Black List: High-Risk Jurisdictions subject to a Call for Action and Grey List: Jurisdictions under Increased Monitoring.
Firms should make note of the changes made to the process of listing high risk third countries.
Plenitude Compass has been developed specifically for Financial Crime Compliance teams to keep you informed of changes to geographical risk and its implications for numerous financial crime controls. Visit our website for more information.
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