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Apr 29, 2024

Deletion of Cayman Island and Jordan from List of High-Risk Countries by European Commission

The European Commission (‘Commission’), by way of a Commission Delegated Regulation (EU) 2024/163 dated December 12, 2023 (‘Amended Delegation Regulation’), has amended the Delegated Regulation (EU) 2016/1675 dated July 14, 2016 (‘Delegated Regulation’). The Delegated Regulation, by identifying high-risk countries with strategic deficiencies, supplements the EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. By this amendment, the Cayman Islands and Jordan have been removed from the list of high-risk countries with strategic deficiencies. The Commission has made this amendment to the Delegated Regulation in light of the Financial Action Task Force (‘FATF’) updating its list of ‘Jurisdictions under Increased Monitoring’, and removing the Cayman Islands and Jordan from that list at its plenary meeting in October 2023. The Amended Delegation Regulation has come into effect from February 7, 2024.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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