HM Treasury has published a new statutory instrument coming into force on 11th July 2022 which will substitute the list of high risk third countries specified in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’). This list continues to mirror both the Financial Action Task Force’s (FATF) ‘Jurisdictions under increased monitoring’ and ‘High-risk jurisdictions subject to a call for action’ documents. Following its most recent review, the FATF now also identifies Gibraltar as high-risk. Following improvements in its AML regime, Malta is no longer subject to the FATF’s increased monitoring process.
On 17 June 2022 the FATF published two statements identifying jurisdictions with strategic deficiencies in their AML/CTF regimes. In response to the latest FATF statements, HM Treasury advises firms to consider the following:
The following jurisdictions will be included in Schedule 3ZA of the MLRs:
United Arab Emirates