Country Lists Updates to the Handbook and Instruction13th March 2023
The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes South Africa and Nigeria. FATF has removed Morocco and Cambodia from its list of jurisdictions under increased monitoring, however they will remain on Appendix I as they are listed by other relevant external sources.
The amendments include the removal of South Africa from the list of equivalent jurisdictions in Appendix C and its addition to the list of countries and territories identified in Appendix I which may present a higher risk of money laundering and terrorist financing. At the same time an instruction is issued to all specified businesses specifying the steps to be taken before the end of December 2023 in respect of business relationships they have which are connected to South Africa.
Similar action is being taken in the other Crown Dependencies.
The updated appendix, the instruction and the latest FATF notice can be accessed via the below links:
Updated and tracked version of Appendix I can be found within the Notices, Instructions & Warnings page. An updated version of the Handbook can be found here.
The FATF page on High-Risk and Other Monitored Jurisdictions can be found here.