JFSC APPENDIX D2 Source 1/2 and the UK High-Risk country list
The UK High Risk country list [see below] has been updated and the good news in Jersey at least is that all those listed match all countries of the JFSC appendix D2 Source 1+2 lists
For some details on the UK LIST here are some details
- Under the UK’s Money Laundering Regulations (regulation 33(1)(b)), enhanced due diligence (EDD) is mandated for any business relationship with a person established in a high-risk third country.
- Until the end of the Brexit transition period, the list of high-risk countries was determined by the European Union (EU) under the 4th Anti Money Laundering Directive.
- From 1 January 2021, the UK has had its own standalone list. Since then, any amendments to the EU list do not have effect in the UK.
- The UK is entitled to amend its own list of high-risk countries under section 49 of the Sanctions and Anti Money Laundering Act 2018 and has announced proposals to align further with Financial Action Task Force (FATF) practices.
- The list of high-risk countries is set out in schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. https://www.legislation.gov.uk/uksi/2017/692/schedule/3ZA
Who is on the list?
- Burkina Faso
- Cayman Islands
- Democratic People’s Republic of Korea
- South Sudan