uksi/2023/1306 — The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023

2023 No. 1306 Financial Services The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023 Approved by both Houses of Parliament 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 . Citation, commencement and extent 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. 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 are amended as follows. 2 For Schedule 3ZA (high-risk third countries) substitute— SCHEDULE 3ZA High-Risk Third Countries 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 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 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 on www.legislation.gov.uk .