![]() refusing to express a commitment) or jurisdictions fail to implement the benchmarks within the agreed period. A deadline of 12 months would be given to third countries taking commitments to address concernsĪ listing occurs in case jurisdictions are not cooperative (i.e.seeking third countries’ commitment to implement specific corrective measures before a listing is considered.drafting country-specific “EU benchmarks” to address each country’s concerns (identified on a preliminary basis) in relation to the criteria set by the Anti-Money Laundering Directive.consulting third countries on preliminary findings.The methodology was revised to ensure an increased engagement with third countries by implementation of targeted financial sanctions.the availability and exchange of information on beneficial ownership of legal persons and legal arrangements.their practice in international cooperation.the powers and procedures of competent authorities.the existence of dissuasive, proportionate and effective sanctions in case of breaches. ![]() the same requirements in the non-financial sector.customer due diligence requirements, record keeping and reporting of suspicious transactions in the financial sector.criminalisation of money laundering and countering the financing of terrorism.assess the legal framework and its effective application in 8 key areas – by analysing the countries measures on.identify the risk profile and the level of threat to which the country is exposed.The methodology provides that the Commission will consider FATF lists as a starting point and complement this by an autonomous assessment of additional countries using the following approach: The methodology describes the main steps, assessment criteria and follow-up. This methodology was based following the adoption of a Roadmap. Once identified, the Commission adopts delegated acts listing these jurisdictions. The objective is to identify jurisdictions which have strategic deficiencies in their national AML/CFT regimes which pose significant threats to the financial system of the Union and hence the proper functioning of the internal market. This methodology ensures that a robust, objective and transparent process is applied. The Commission has also published a revised methodology for the identification of high-risk third countries. Revised EU methodology for the identification of high-risk third countries The following jurisdictions are identified as having strategic deficiencies in their AML/CFT regimes: High-risk third countryĭemocratic People's Republic of Korea (DPRK)Ī consolidated version of the EU list is available (with only measures that already entered into force). The Delegated Regulation amends Delegated Regulation (EU) 2016/1675. ![]() Identification of such countries is a legal requirement stemming from Article 9 of Directive (EU) 2015/849 (4 th anti-money laundering Directive) and aiming at protecting the Union financial system and the proper functioning of the internal market. On 7 January 2022, the European Commission adopted a new Delegated Regulation in relation to third countries which have strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the Union ('high-risk third countries'). New delegated act on high-risk third countries The types of enhanced vigilance requirements are basically extra checks and control measures which are defined in article 18a of the Directive. According to this Directive, banks and other gatekeepers are required to apply enhanced vigilance in business relationships and transactions involving high-risk third countries. ![]() One of the pillars of the European Union's legislation to combat money laundering and countering the financing of terrorism is Directive (EU) 2015/849. ![]()
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