Commission produces high-risk third countries “non-paper”

ECOFIN has provided the Permanent Representatives Committee with a Commission “non-paper” setting out how it proposes to refine its methodology for identifying high-risk third countries for AML purposes. After the recent set-backs, the Commission says that:

  • in principle it will list all countries on the FATF list;
  • it will take a staged approach to engagement with third countries, including consulting them on preliminary findings, setting benchmarks to address concerns and seeking commitments to rectify concerns before it recommends a listing; and
  • it will consult Member State experts at each stage of the process.

Emma Radmore