The UK has exempted Nigeria from its list of high-risk
countries for money laundering.
The list, comprising 21 countries, was released as part of
post-Brexit developments.
Until the end of the Brexit transition period, the list of
high-risk countries was determined by the EU under the 4th Anti Money
Laundering Directive.
From January 1, 2021, the UK has had its own standalone list.
Since then, any amendments made by the European Union to its
list do not have effect in the UK.
The EU had in March 2019 added Nigeria to countries on its
“dirty money blacklist”.
The EU said the nations in this category pose a threat
because of tax controls on terrorism financing and money laundering.
The Nigerian Financial Intelligence Unit, however, announced
that Nigeria was officially withdrawn from the list by the Council of Europe on
March 5, 2019.
Ghana, Senegal, Iran and Morocco are among the countries
listed in the UK’s Money Laundering and Terrorist Financing (Amendment)
(High-Risk Countries) Regulations 2021 which took effect on March 26. Others
include Syria, Uganda, Zimbabwe and Pakistan.
“These Regulations amend the Money Laundering, Terrorist
Financing and Transfer of Funds (Information on the Payer) Regulations 2017
(S.I. 2017/692) (“the MLRs”) to insert as Schedule 3ZA a new UK list of
high-risk third countries for the purposes of enhanced customer due diligence
requirements,” an explanatory note attached to the regulation read.
“Regulation 2 substitutes for the definition of “high-risk
third country” in regulation 33(3)(a) of the MLRs a definition which refers to
the list of countries in this Schedule, rather than to the list in Commission
Delegated Regulation (EU) 2016/1675 of 14th July 2016 supplementing Directive
(EU) 2015/849 of the European Parliament and of the Council by identifying
high-risk third countries with strategic deficiencies (“the CDR”). It also
makes a consequential amendment to a further reference to the CDR. Regulation 3
revokes the CDR.”
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