2022 No. 393

Financial Services

The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022

Approved by both Houses of Parliament

Made

Laid before Parliament

Coming into force

The Treasury, 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 20181, make the following Regulations.

Citation and commencement1

1

These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022.

2

These Regulations come into force on 29th March 2022.

Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20172

1

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20172 are amended as follows.

2

For Schedule 3ZA (high-risk third countries) substitute—

SCHEDULE 3ZAHigh-Risk Third Countries

Regulation 33(3)

1

Albania

2

Barbados

3

Burkina Faso

4

Cambodia

5

Cayman Islands

6

Democratic People’s Republic of Korea

7

Haiti

8

Iran

9

Jamaica

10

Jordan

11

Mali

12

Malta

13

Morocco

14

Myanmar

15

Nicaragua

16

Pakistan

17

Panama

18

Philippines

19

Senegal

20

South Sudan

21

Syria

22

Turkey

23

Uganda

24

United Arab Emirates

25

Yemen

Alan MakRebecca HarrisTwo of the Lords Commissioners of Her Majesty’s Treasury
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 had originally been 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) and the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (S.I. 2021/1218).

On the new list, Zimbabwe is no longer classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3).

United Arab Emirates is now classed as a high-risk third country for the purposes of enhanced customer due diligence requirements in regulation 33(3).

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.