HM Treasury has issued The Money Laundering and Terrorist Financing(Amendment)(No.3)(High-Risk Countries) Regulations 2021, which substitutes the list of high-risk third countries specified in Schedule 3ZA of the MLRs with a new list consolidating both FATF’s ‘Jurisdictions under increased monitoring’ and ‘High-risk jurisdictions subject to a call for action’.  The change impacts the countries considered high risk and where enhanced due diligence and enhanced ongoing monitoring is required.  FIs should regularly re-assess the financial crime risks prevalent in the jurisdictions in which they operate in, and regularly review updates to relevant legislation and guidance.  Tools such as Plenitude RegSight and Compass can assist.

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