Tag Archives: MLD4

MEPs agree MLD4 blacklist additions

MEPs have approved the proposal to add Tunisia, Sri Lanka and Trinidad and Tobago to the list of high-risk third country jurisdictions under MLD4. The vote passed the additions, despite continuing dissatisfaction among many MEPs over the inclusion of Tunisia.

MEPs divided on ML high risk list

The Economics and Home Affairs Committees in the EP have voted through additions to the Commission’s MLD4 blacklist of high risk jurisdictions by the narrowest of margins.  The proposal was to include Tunisia, Sri Lanka and Trinidad and Tobago in the list. The debate was over the inclusion of Tunisia. Many MEPs expressed incomprehension that […]

MLD4 high risk jurisdiction list in OJ

The Commission’s Delegated Regulation adding Ethiopia to its list of high risk countries under MLD4 has been published in the OJEU.

ESAs publish draft group AML risk RTS

The ESAs have published draft RTS under MLD4 on how credit and financial institutions should manage their AML/TF risks at group level where their group includes branches or major subsidiaries in third countries that do not permit group wide policies to be used. The RTS include practical steps institutions should take, such as: getting customer […]

Commission adds Ethiopia to high risk list

The Commission has made a delegated regulation under MLD4 to add Ethiopia to the list of high risk third countries. It notes that its work to find the most appropriate way of assessing which jurisdictions should be on the list is still underway, but that in the interim it is appropriate to add Ethiopia to […]

Council suggests high-risk jurisdiction methodology

In an attempt to solve the current problems around the Commission’s proposals for a list of high-risk jurisdictions for the purposes of MLD4, the Council is now proposing a methodology  the Commission should use when proposing the list. The proposal is for a staged approach over the next few years, so does not solve the immediate […]

FCA finalises PEP guidance

FCA has published its finalised guidance on the treatment of PEPs for AML purposes. It received 43 responses to its consultation on the guidance, all but one of which was in favour of guidance being issued, but many of which raised significant comments. FCA has responded to the comments and made some changes to clarify […]

Changes to SLP PSC requirements published

The Scottish Partnerships (Register of People with Significant Control) Regulations 2017, made on 22 June and taking effect mainly from 26 June, have been published.  The Regulations transpose Article 30 of MLD4 on beneficial ownership for Scottish Limited Partnerships and certain Scottish general partnerships. They require registration by qualifying partnerships, and impose an obligation to […]

TI warns on SLP risks

Transparency International has welcomed the changes the Government has made to implement the MLD4 beneficial ownership requirements in respect of Scottish Limited Partnerships. It had previously expressed significant concerns that the unique features of SLPs enabled them to be used as shell companies and present a “respectable” UK front to illicit activity. Surveys by TI […]

ESAs publish central contact point recommendations

The ESAs have published draft RTS to help Member States work out when PSPs and E-money issuers should appoint a “central contact point” to help effective AML oversight of the activities of their networks in “host” Member States.