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This is the original version (as it was originally made).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
2021 No. 1218
Financial Services
The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021
Made
at 11.00 a.m. on 1st November 2021
Laid before Parliament
at 4.00 p.m. on 1st November 2021
Coming into force
2nd November 2021
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 2018( 1), make the following Regulations.
Citation and commencement
1.—(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021.
(2) These Regulations come into force on 2nd November 2021.
Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
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)
“SCHEDULE 3ZA High-Risk Third Countries
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. Yemen
25. Zimbabwe ”.
Rebecca Harris
James Morris
Two of the Lords Commissioners of Her Majesty’s Treasury
At 11.00 a.m. on 1st November 2021
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).
On the new list, Botswana and Mauritius are no longer classed as high-risk countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).
Jordan, Mali and Turkey are now classed as high-risk countries for the purposes of enhanced customer due diligence requirements in regulation 33(3).
An impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
2018 c. 13. In section 49 the definition of “terrorist financing” was amended by paragraph 9 of Part 2 of Schedule 3 to the 2018 Act.
S.I. 2017/692, amended by S.I. 2019/1511, 2019/253, 2020/991, 2021/392and 2021/827. There are other amending instruments but none is relevant.