Explanatory note

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 amending the definition of “high-risk third country” in regulation 33(3)(a). A “high-risk third country” for the purposes of the MLRs will now mean a country named by the Financial Action Task Force from time to time on lists it publishes: on the list of High-Risk Jurisdictions subject to a Call for Action or the list of Jurisdictions under Increased Monitoring. Schedule 3ZA is removed from the MLRs.

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.

A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.