AML update: Updated list of high-risk third countries

The latest Financial Action Task Force (FATF) Plenary concluded on 25 October 2024 with the following revisions being made to the list of high-risk third countries (HRTC).

Added to the list of Jurisdictions under Increased Monitoring

Algeria

Angola

Côte d’Ivoire

Lebanon

Removed from the list of Jurisdictions under Increased Monitoring

Senegal

What does this mean for my firm?

Firms (including sole practitioners) must review their existing client list to identify whether any of their clients are now considered to be established in a HRTC and undertake appropriate enhanced customer due diligence (EDD) measures. Firms must also consider whether the changes mean their clients are no longer connected to a HRTC and consider the level of customer due diligence required using a risk-based approach.

Guidance around EDD measures can be found in Section 5 of the AML Guidance for the Accountancy Sector (PDF).

Firms must also ensure their client onboarding procedures refer to the updated HRTC lists. These lists are updated three times a year, on the final day of each FATF Plenary meeting, held every February, June and October. The dates of these meetings are published several months in advance, in the events calendar on the FATF website.

AAT’s AML helpline

AAT’s AML helpline offers advice for AAT supervised firms on all aspects of complying with the Money Laundering Regulations, such as advice on how to report suspected illegal activity. To discuss any questions you might have, call us on +44 (0)20 7367 1347 or email [email protected].

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