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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023 No. 1306 URL: http://www.bailii.org/uk/legis/num_reg/2023/uksi_20231306_en_1.html |
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This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Regulations made by the Treasury, laid before Parliament under section 55(3) of the Sanctions and Anti-Money Laundering Act 2018 for approval by resolution of each House of Parliament within twenty-eight days beginning with the day on which the Regulations were made, subject to extension for periods during which Parliament is dissolved, or prorogued, or during which both Houses are adjourned for more than four days.
Statutory Instruments
Financial Services
Made
at 11.30 a.m. on 4th December 2023
Laid before Parliament
at 3.30 p.m. on 4th December 2023
Coming into force
5th December 2023
The Treasury make these Regulations 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 2018( 1).
1.—(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023.
(2) These Regulations come into force on 5th December 2023.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
2.—(1) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017( 2) are amended as follows.
(2) For Schedule 3ZA (high-risk third countries) substitute—
Regulation 33(3)
1. Barbados
2. Bulgaria
3. Burkina Faso
4. Cameroon
5. Croatia
6. Democratic People’s Republic of Korea
7. Democratic Republic of the Congo
8. Gibraltar
9. Haiti
10. Iran
11. Jamaica
12. Mali
13. Mozambique
14. Myanmar
15. Nigeria
16. Philippines
17. Senegal
18. South Africa
19. South Sudan
20. Syria
21. Tanzania
22. Turkey
23. Uganda
24. United Arab Emirates
25. Vietnam
26. Yemen. ”
Scott Mann
Stuart Anderson
Two of the Lords Commissioners of His Majesty’s Treasury
At 11.30 a.m. on 4th December 2023
(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 was originally 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 following instruments:
the Money Laundering and Terrorist Financing (Amendment) (No. 2) (High-Risk Countries) Regulations 2021 ( S.I. 2021/827);
the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 ( S.I. 2021/1218);
the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2022 ( S.I. 2022/393);
the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2022 ( S.I. 2022/782);
the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022 ( S.I. 2022/1183); and
the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2023 ( S.I. 2023/704).
Albania, Cayman Islands, Jordan and Panama are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs.
Bulgaria, Cameroon, Croatia, Nigeria, South Africa and Vietnam are now classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs.
A full impact assessment of the costs and savings that this instrument will have for business and the public will be published with an Explanatory Memorandum alongside the instrument onwww.legislation.gov.uk.
2018 c. 13. In section 49 the definition of “terrorist financing” was amended by paragraph 9 of Part 2 of Schedule 3 to the Sanctions and Anti-Money Laundering Act 2018. There are amending instruments to the 2018 Act but none is relevant. See the definition of ‘appropriate Minister’ in section 1(9) of the 2018 Act.
