The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022
S.I. 2022/1183 · Made 14 November 2022
Financial Services
Approved by both Houses of ParliamentMade at 11.15 a.m. on 14th November 2022
Laid before Parliament at 16.00 p.m. on 14th November 2022
Coming into force 15th November 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. 3) Regulations 2022.
These Regulations come into force on 15th November 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.Democratic Republic of the Congo
8.Gibraltar
9.Haiti
10.Iran
11.Jamaica
12.Jordan
13.Mali
14.Morocco
15.Mozambique
16.Myanmar
17.Panama
18.Philippines
19.Senegal
20.South Sudan
21.Syria
22.Tanzania
23.Turkey
24.Uganda
25.United Arab Emirates
26.Yemen”.
Signature
Nigel Huddleston
Amanda Solloway
Two of the Lords Commissioners of His Majesty’s Treasury
At 11.15 a.m. on 14th November 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), the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 (S.I. 2022/393) and the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/782).
On the new list, Nicaragua and Pakistan are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).
Democratic Republic of the Congo, Mozambique and Tanzania are now classed as high-risk third countries 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.