Commission updates list of high-risk countries to strengthen international fight against financial crime
The European Commission has updated its list of high-risk third-country jurisdictions with strategic deficiencies in anti-money laundering and counter-terrorist financing (AML/CFT) regimes, adding Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela, while removing Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda and the United Arab Emirates. The update aligns with the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring and follows a technical assessment involving FATF data, bilateral dialogues and on-site visits. The revised list will take legal effect after a one-month scrutiny period by the European Parliament and Council, extendable by another month.