The United Arab Emirates has been added
Regulation 33(1)(b) of the Money Laundering Regulations (MLRs) 2017 requires regulated businesses to apply enhanced customer due diligence (EDD) and enhanced ongoing monitoring in any business relationships with a client established in a high-risk third country, or in relation to any relevant transaction where either of the parties to the transaction is established in a high-risk third country.
A high-risk third country is defined for the purposes of the MLRs as a country specified in Schedule 3ZA.
HM Treasury has updated the list of high-risk third countries to include the United Arab Emirates (UAE).
This will come into force on 29 March 2022 and update the list of high-risk third countries specified in Schedule 3ZA of the MLRs 2017.
Further advice and guidance on the requirements of ACCA firms has been issued by HM Treasury.