Kenya listed among countries with high-risk financial crime by European Commission. Photo: FAFT Website.
The European Commission on June, Monday 10, updated the list of countries in the world with high-risk financial, with respect to their insufficient strategies in their money-laundering and countering the financing of terrorism (AML/CFT) regimes.
According to the commission there is need to protect the members of the European Union (EU) financial system, by countries applying the required AML framework to enhance vigilance in transactions involving the listed countries.
“EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,” read the statement.
In the statement released in Brussels, the countries listed within its jurisdiction include Kenya, Angola, Algeria, Cote d’Ivoire, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. Other delisted by the commission include Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda and the United Arab Emirates.
According to EU, the updated list takes into account the work of the Financial Action Task Force (FATF), and in particular its list of jurisdictions under Increased Monitoring, as a founding member of FATF.
“The commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their action plans agreed with FAFT. Alignment with FAFT is important for upholding the EU’s commitment to promoting and implementing global standards,” further read the statement.
The Commission stated that it carefully analyzed the concerns raised in previous proposal, which led to a thorough technical assessment based on specified criteria and a well-defined methodology, incorporating information collected by FAFT and other reliable sources to list the jurisdictions.
“Article 9 of the 4th Anti-money Laundering Directive (4AMLD), mandates the commission to regularly update the list of high risk-third-country-jurisdictions. These update of the list takes form of a delegated regulation, which will enter into force after scrutiny and non-objection of the European Parliament and the Council within a period of one month,” the commission clarified.
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