The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022
S.I. 2022/782 · Made 11 July 2022
Financial Services
Approved by both Houses of ParliamentMade at 2.45 p.m. on 11th July 2022
Laid before Parliament at 5.00 p.m. on 11th July 2022
Coming into force 12th July 2022
The Treasury, 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 2018f1, make the following Regulations.
Annotations to the whole text
Footnotes
- f1
-
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. 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.
Contents
- 1Citation and commencement
- 2Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- Signature
- Explanatory note
1Citation and commencement
These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022.
These Regulations come into force on 12th July 2022.
2Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017f1 are amended as follows.
For Schedule 3ZA (high-risk third countries) substitute—
“SCHEDULE 3ZA
High-Risk Third Countries
Regulation 33(3)
1.Albania
2.Barbados
3.Burkina Faso
4.Cambodia
5.Cayman Islands
6.Democratic People’s Republic of Korea
7.Gibraltar
8.Haiti
9.Iran
10.Jamaica
11.Jordan
12.Mali
13.Morocco
14.Myanmar
15.Nicaragua
16.Pakistan
17.Panama
18.Philippines
19.Senegal
20.South Sudan
21.Syria
22.Turkey
23.Uganda
24.United Arab Emirates
25.Yemen”.
Signature
Gareth Johnson
Michael Tomlinson
Two of the Lords Commissioners of Her Majesty’s Treasury
At 2.45 p.m. on 11th July 2022
Explanatory note
(This note is not part of the Regulations)
These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”) by substituting the list of high-risk third countries in Schedule 3ZA for a new list. Schedule 3ZA was originally inserted into the MLRs by the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (S.I. 2021/392) and was subsequently amended by the Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021 (S.I. 2021/827), the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (S.I. 2021/1218) and the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 (S.I. 2022/393).
On the new list, Malta is no longer classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3).
Gibraltar is now classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3).
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.