Economic Crime and Corporate Transparency Act 2023

187 Enhanced due diligence: designation of high-risk countries U.K.

(1) The Sanctions and Anti-Money Laundering Act 2018 is amended as follows.

(2) In Schedule 2 (money laundering and terrorist financing etc)—

(a) in paragraph 4—

(i) the existing text becomes sub-paragraph (1);

(ii) after sub-paragraph (1) insert—

“(2) Provide for the imposition of requirements relating to enhanced customer due diligence measures by reference to prescribed high-risk countries.

(3) Provision made by virtue of sub-paragraph (2) may in particular refer to a list of countries published by the Financial Action Task Force as it has effect from time to time.”;

(b) in paragraph 23, after sub-paragraph (2) insert—

“(2A) In paragraph 4 (measures in relation to customers of relevant persons), the reference in sub-paragraph (2) to requirements includes requirements imposed by or under the Money Laundering Regulations 2017.”

(3) In section 55 (parliamentary procedure for regulations)—

(a) in subsection (2), for the first “which” substitute “made during the period of 6 months beginning with the day on which the Economic Crime and Corporate Transparency Act 2023 is passed if the instrument”;

(b) in subsection (9), for the words from “if” to the end substitute “if they only make provision prescribing high-risk countries by virtue of paragraph 4(2) of Schedule 2”.

Commencement Information

I1 S. 187 in force at Royal Assent for specified purposes, see s. 219(1)(2)(b)

I2 S. 187 in force at 15.1.2024 in so far as not already in force by S.I. 2023/1206, reg. 3(g)