European Commission Is Considering Expanding the List of High-Risk Third Countries in the Field of Combating Money Laundering

The European Commission has published a draft resolution on the inclusion of Cameroon and Vietnam in the list of high-risk third countries.

The Commission finds that Cameroon and Vietnam have strategic deficiencies in their respective AML/CFT regimes. It also took into account the fact that these countries were included in the FATF’s list of “Jurisdictions under Enhanced Monitoring” in June 2023.

On 17 May 2023, the European Commission adopted a new Delegated Regulation on third countries with strategic weaknesses in their anti-money laundering and countering the financing of terrorism regimes that pose significant threats to the financial system of the Union (“high-risk third countries”). The identification of such countries is a legal requirement arising from Article 9 of Directive (EU) 2015/849 (4th Anti-Money Laundering Directive) and aimed at protecting the financial system of the Union and the proper functioning of the internal market.

At the moment, the EU list of third countries with a high degree of risk is as follows:

• Afghanistan

• Barbados

• Burkina Faso

• Cayman Islands

• Democratic People’s Republic of Korea

• Democratic Republic of Congo

• Gibraltar

• Haiti

• Iran

• Jamaica

• Jordan

• Mali

• Mozambique

• Myanmar

• Nigeria

• Panama

• Philippines

• Senegal

• South Africa

• South Sudan

• Syria

• Tanzania

• Trinidad and Tobago

• Uganda

• United Arab Emirates

• Vanuatu

• Yemen

Draft resolution