The European Commission has updated its list of high-risk third country jurisdictions with strategic deficiencies in their AML/CFT regimes.
The updates take into account changes made to the FATF ‘grey list’ of jurisdictions under increased monitoring in February 2023.
The following updates were made:
- Nigeria has been added;
- South Africa has been added;
- Cambodia has been removed; and
- Morocco has been removed.
The changes will be reflected in a delegated regulation entering into force after the scrutiny and non-objection of the European Parliament and Council over a period of one month.
Firms should take note of ongoing developments surrounding the EU list of high-risk third countries in order to consider their exposure and any actions required.