The European Commission has delisted Uganda from the list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes.
EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving countries on this list. This measure is crucial to protect the integrity of the EU financial system.
Several third-country jurisdictions were added to the list, including Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela. Meanwhile, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates were removed.
The updated list takes into account the work of the Financial Action Task Force (FATF), particularly its list of “Jurisdictions under Increased Monitoring.”
“As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them fully implement their respective action plans agreed with FATF. Alignment with FATF is essential for upholding the EU’s commitment to promoting and implementing global standards,” the EU said.
The Commission carefully considered concerns expressed regarding its previous proposal and conducted a thorough technical assessment based on specific criteria and a well-defined methodology, incorporating information collected through FATF, bilateral dialogues, and on-site visits to the jurisdictions in question.
Article 9 of the 4th Anti-Money Laundering Directive (4AMLD) mandates the Commission to regularly update the list of high-risk third-country jurisdictions.
The update takes the legal form of a delegated regulation, which will enter into force after scrutiny and non-objection by the European Parliament and the Council within one month. This period can be extended by an additional month.
