Statutory Instruments
2024 No. 69
Financial Services
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024
Approved by both Houses of Parliament
Made
at 1.45 p.m. on 22nd January 2024
Laid before Parliament
at 4.30 p.m. on 22nd January 2024
Coming into force
23rd January 2024
The Treasury make these Regulations in exercise of the powers conferred by section 49 of, and paragraphs 4 and 23 of Schedule 2 to, the Sanctions and Anti-Money Laundering Act 2018( 1 ).
Citation, commencement and extent
1. —(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024.
(2) These Regulations come into force on 23rd January 2024.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Meaning of high-risk third country in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
2. —(1) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017( 2 ) are amended as follows.
(2) In regulation 33(3)(a) (obligation to apply enhanced customer due diligence: meaning of high-risk third country), for “a country which is specified in Schedule 3ZA” substitute—
“ a country named on either of the following lists published by the Financial Action Task Force as they have effect from time to time—
(i) High-Risk Jurisdictions subject to a Call for Action;
(ii) Jurisdictions under Increased Monitoring ( 3 ) ; ” .
(3) Omit Schedule 3ZA (high-risk third countries).
Scott Mann
Joy Morrissey
Two of the Lords Commissioners of His Majesty’s Treasury
At 1.45 p.m. on 22nd January 2024
2018 c. 13 . In section 49 the definition of “terrorist financing” was amended by paragraph 9 of Part 2 of Schedule 3 to the Sanctions and Anti-Money Laundering Act 2018 (c. 13) . Section 55 and Schedule 2, paragraphs 4 and 23 were amended by section 187 of the Economic Crime and Corporate Transparency Act 2023 (c. 56) . There are amending instruments to the 2018 Act but none is relevant. See the definition of “appropriate Minister” in section 1(9) of the 2018 Act.
S.I. 2017/692 , amended by S.I. 2019/253 , 2019/1511 , 2020/991 , 2021/392 , 2021/827 , 2021/1218 , 2022/393 , 2022/782 , 2022/1183 , 2023/704 and 2023/1306 . There are other amending instruments but none is relevant.
The list of High-Risk Jurisdictions Subject to a Call for Action and the list of Jurisdictions under Increased Monitoring published by the Financial Action Task Force as they have effect from time to time are available at https://www.fatf-gafi.org/en/topics/high-risk-and-other-monitored-jurisdictions.html . A hard copy of the lists is available on request from HM Treasury at 1 Horse Guards Road, London SW1A 2HQ.