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The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2023

S.I. 2023/704 · Made 26 June 2023

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Financial Services

Approved by both Houses of Parliament

Made at 11.15 a.m. on 26th June 2023

Laid before Parliament at 3.30 p.m. on 26th June 2023

Coming into force 27th June 2023

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 2018f1.

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 (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

  1. 1Citation, commencement and extent
  2. 2Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2023.

(2)

These Regulations come into force on 27th June 2023.

(3)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

2Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

(1)

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017f1 are amended as follows.

(2)

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.

Cayman Islands

5.

Democratic People’s Republic of Korea

6.

Democratic Republic of the Congo

7.

Gibraltar

8.

Haiti

9.

Iran

10.

Jamaica

11.

Jordan

12.

Mali

13.

Mozambique

14.

Myanmar

15.

Panama

16.

Philippines

17.

Senegal

18.

South Sudan

19.

Syria

20.

Tanzania

21.

Turkey

22.

Uganda

23.

United Arab Emirates

24.

Yemen”.

Signature

Andrew Stephenson

Steve Double

Two of the Lords Commissioners of His Majesty’s Treasury

At 11.15 a.m. on 26th June 2023

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), the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/782) and the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022 (S.I. 2022/1183).

Cambodia and Morocco are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1).

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.