EU names additions to list of high-risk third countries
July 24, 2020
The EU’s 5th Money Laundering Directive broadened the criteria for the European Commission (EC) in assessing high-risk third countries. The EC recently announced that in October 2020 several countries will be added to the list of high-risk third countries, including Barbados, Cambodia, Mauritius, and Ghana.
These countries are identified as having strategic deficiencies in their national anti-money laundering and counter terrorism financing (AML and CTF) regimes that pose significant threats to the EU’s financial system. Enhanced due diligence must be applied to any business activity with a person established in a high-risk third country.
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