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Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 made: Brexit SI

26/03/2021

On 25 March 2021,

The Regulations, which were made on 24 March 2021, amend regulation 33(3)(a) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (Money Laundering Regulations 2017 or MLRs 2017).

They insert a new Schedule 3ZA into the MLRs 2017, which sets out a list of high-risk third countries.

The Regulations also change the definition of a "high-risk third country" in regulation 33(3)(a) of the MLRs 2017 from a country that has been defined as such by a European Commission delegated act to a country specified in the new Schedule 3ZA, and they make a consequential amendment to regulation 39(4).

The Regulation also revoke the retained EU law version of Commission Delegated Regulation (EU) 2016/1675 which set out the list of third countries identified by the European Commission as high risk. This list has been superseded by the new list set out in Schedule 3ZA.

The Regulations come into force on 26 March 2021.

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