Country Statements
The PMLFTR defines non-reputable jurisdictions as any jurisdiction having deficiencies in its national AML/CFT regime or having inappropriate and ineffective measures to prevention ML/FT. The FATF and European Commission publish lists of non-reputable jurisdictions, which subject persons should refer to when assessing jurisdictional risk.
The FATF issues two public documents that provide a list of jurisdictions considered to pose a higher risk of money laundering and the funding of terrorism in view of a number of identified deficiencies within their AML/ CFT regime. The risks posed by the jurisdictions listed in these two documents vary depending on the seriousness of the deficiencies and the level of commitment made by each jurisdiction to address those deficiencies.
The FATF documents are issued three times a year, in February, June and October, and as a result the list changes depending on the level of progress achieved by each jurisdiction in addressing the deficiencies identified in their respect.
The European Commission is empowered, through Article 9 of the 4AMLD, to adopt delegated acts listing high-risk third countries with strategic deficiencies in their AML/CFT regimes. These countries are considered by the European Commission to pose a significant threat to the EU’s financial system, and these lists are intended to protect the proper functioning of the internal market. The jurisdictions may be found in the annexes of the delegated acts, which are issued from time to time.
