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Update: Countries requiring Enhanced Due Diligence

5 July, 2024

The international Financial Action Task Force (FATF) has made some changes to the countries which are on the “grey list” (those subject to increased monitoring)

Bear in mind that the UK list of high risk jurisdictions now mirrors the FATF lists so CLC practices will now need to ensure that Enhanced Due Diligence (EDD) is applied when a client is “established” in a High Risk Third Country which means for an individual being resident in that country (not just having been born there) and for a company/legal person that means being incorporated in or having its principal place of business in that country.

 Practices should make sure their policies are up to date. The changes are:

  • Monaco and Venezuela have been added to the countries under increased monitoring.
  • Jamaica and Turkey have been removed from the list of countries under increased monitoring.

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