Important AML update: New high-risk third countries

IPA Insolvency Practitioner newsletter, March 2025

The Financial Action Task Force (FATF) have recently published updated details of ‘grey list’ and ‘black list’ jurisdictions following their plenary session in February 2025. 

There is no change to the black list countries which remain North Korea, Iran and Myanmar. 

There have been a couple of changes to grey list countries with Laos and Nepal being added and the Philippines now being removed from the grey list. Details of the grey list jurisdictions and reasons for the listing can be found on the FATF website.

Please ensure that you and your MLRO are up-to-date on the changes in to the grey list. Awareness of the lists is required as per Reg 33(3)(a) of the MLR17 (as amended) where consideration of the FATF lists is required to consider if Enhanced Due Diligence is required on a proposed appointment.