The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022
S.I. 2022/393 · Made 28 March 2022
Financial Services
Approved by both Houses of ParliamentMade at 11.10 a.m. on 28th March 2022
Laid before Parliament at 4.00 p.m. on 28th March 2022
Coming into force 29th March 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 2018 Act. 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) Regulations 2022.
These Regulations come into force on 29th March 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.Haiti
8.Iran
9.Jamaica
10.Jordan
11.Mali
12.Malta
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
Alan Mak
Rebecca Harris
Two of the Lords Commissioners of Her Majesty’s Treasury
At 11.10 a.m. on 28th March 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 had originally been 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) and the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (S.I. 2021/1218).
On the new list, Zimbabwe is no longer classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3).
United Arab Emirates 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.