EU black and grey lists of high-risk countries back on the agenda

Zia Ullah (+44 161 831 8454, ziaullah@eversheds-sutherland.com) is a Partner and Ruth Paley (+44 207 919 0527, ruthpaley@eversheds-sutherland.com) is Of Counsel at Eversheds Sutherland.

In a resolution published on 19 September [2019] [1], theEuropean Parliament has urged the EU Commission to apply a ‘transparent process’ in formulating a revised blacklist of third countries with strategic anti-money laundering and counter terrorist financing (AML/CTF) deficiencies, suggesting an additional ‘grey list’ of non-cooperative jurisdictions, and warning the Commission not to bow to lobbying and diplomatic pressure in tackling money laundering and terrorist financing. Zia Ullah and Ruth Paley of Eversheds Sutherland LLP take a look at the background to the resolution and what it might mean for UK businesses subject to the Money Laundering Regulations 2017.