High-Risk Countries: Difference between revisions
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Countries may be designated as high-risk where the levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. indicate a higher risk of money laundering or terrorist financing. Such countries may also be subject to sanctions, embargoes or similar measures issued by, for example, the European Union or the United Nations. | Countries may be designated as high-risk where the levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. indicate a higher risk of money laundering or terrorist financing. Such countries may also be subject to sanctions, embargoes or similar measures issued by, for example, the European Union or the United Nations. | ||
For individuals, assessment would be based on their country of residency. For corporate entities, this would be where they are incorporated, have their principal place of business, | For individuals, assessment would be based on their country of residency. For corporate entities, this would be where they are incorporated, have their principal place of business, have their principal regulatory authority, or where its owners and controllers reside. | ||
For more detailed information on how high-risk third countries are identified, along with a definitive list of countries considered High-Risk at any given time, please see the [https://www.gov.im/about-the-government/departments/home-affairs/chief-executives-office/anti-money-laundering-legislation-and-countering-the-financing-of-terrorism-amlcft/ Isle of Man Government] and [https://www.fatf-gafi.org/ FATF] websites for more information. | |||
* Afghanistan | The list of countries considered high-risk is subject to change at short notice. Please consult the above websites for the most up-to-date information. | ||
By way of reference, at time of writing, high-risk third countries include the following (subject to change at short notice): | |||
* Afghanistan | |||
* Algeria | * Algeria | ||
* | * Angola | ||
* Belarus | * Belarus | ||
* | * Bolivia | ||
* | * Bulgaria | ||
* Burkina Faso | * Burkina Faso | ||
* Burundi | * Burundi | ||
* Cameroon | * Cameroon | ||
* Cayman Islands | * Cayman Islands | ||
* Central | * Central African Republic | ||
* Chad | * Chad | ||
* Comoros | * Comoros | ||
* Congo, Democratic Republic | |||
* Congo (Brazzaville) | * Congo (Brazzaville) | ||
* Côte d’Ivoire | * Côte d’Ivoire | ||
* Democratic People's Republic of Korea (DPRK) | * Croatia | ||
* Cuba | |||
* Democratic People's Republic of Korea (DPRK) | |||
* Egypt | * Egypt | ||
* Equatorial Guinea | * Equatorial Guinea | ||
* Eritrea | * Eritrea | ||
* Eswatini | * Eswatini (Swaziland) | ||
* Ethiopia | * Ethiopia | ||
* Gabon | * Gabon | ||
| Line 40: | Line 38: | ||
* Guinea Bissau | * Guinea Bissau | ||
* Haiti | * Haiti | ||
* Iran | * Iran | ||
* Iraq | * Iraq | ||
* Israel | * Israel | ||
* Jamaica | * Jamaica | ||
* Kenya | * Kenya | ||
* Kyrgyzstan | * Kyrgyzstan | ||
* Laos | * Laos (Lao People's Democratic Republic?) | ||
* Lebanon | * Lebanon | ||
* | * Liberia | ||
* Libya | * Libya | ||
* Madagascar | * Madagascar | ||
* Mali | * Mali | ||
* Mauritania | * Mauritania | ||
* | * Moldova | ||
* Mozambique | * Mozambique | ||
* Myanmar | * Myanmar | ||
* | * Namibia | ||
* Niger | * Niger | ||
* Nigeria | * Nigeria | ||
* Pakistan | * Pakistan | ||
* Philippines | * Philippines | ||
* Russia | |||
* Sao Tome and Principe | * Sao Tome and Principe | ||
* Senegal | * Senegal | ||
* Sierra Leone | * Sierra Leone | ||
* Solomon Islands | * Solomon Islands | ||
* Somalia | * Somalia | ||
* South Africa | |||
* South Sudan | * South Sudan | ||
* Sudan | * Sudan | ||
* Suriname | |||
* Syria | * Syria | ||
* | * Tajikistan | ||
* Tanzania | |||
* Togo | * Togo | ||
* | * Türkiye | ||
* | * Turmenistan | ||
* | * Ukraine | ||
* Venezuela | * Venezuela | ||
* Vietnam | * Vietnam | ||
* West Bank | |||
* Yemen | * Yemen | ||
* Zimbabwe | * Zimbabwe | ||
For more information on how high-risk third countries are identified, please see the [https://www.gov.im/about-the-government/departments/home-affairs/chief-executives-office/anti-money-laundering-legislation-and-countering-the-financing-of-terrorism-amlcft/ Isle of Man Government] and [https://www.fatf-gafi.org/ FATF] websites. | For more information on how high-risk third countries are identified, please see the [https://www.gov.im/about-the-government/departments/home-affairs/chief-executives-office/anti-money-laundering-legislation-and-countering-the-financing-of-terrorism-amlcft/ Isle of Man Government] and [https://www.fatf-gafi.org/ FATF] websites. | ||
Latest revision as of 10:12, 6 March 2024
Bittylicious expects its customers to disclose whether they are based in a high-risk third country, as defined by the Isle of Man government and bodies such as the Financial Action Task Force (FATF).
Countries may be designated as high-risk where the levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. indicate a higher risk of money laundering or terrorist financing. Such countries may also be subject to sanctions, embargoes or similar measures issued by, for example, the European Union or the United Nations.
For individuals, assessment would be based on their country of residency. For corporate entities, this would be where they are incorporated, have their principal place of business, have their principal regulatory authority, or where its owners and controllers reside.
For more detailed information on how high-risk third countries are identified, along with a definitive list of countries considered High-Risk at any given time, please see the Isle of Man Government and FATF websites for more information.
The list of countries considered high-risk is subject to change at short notice. Please consult the above websites for the most up-to-date information. By way of reference, at time of writing, high-risk third countries include the following (subject to change at short notice):
- Afghanistan
- Algeria
- Angola
- Belarus
- Bolivia
- Bulgaria
- Burkina Faso
- Burundi
- Cameroon
- Cayman Islands
- Central African Republic
- Chad
- Comoros
- Congo, Democratic Republic
- Congo (Brazzaville)
- Côte d’Ivoire
- Croatia
- Cuba
- Democratic People's Republic of Korea (DPRK)
- Egypt
- Equatorial Guinea
- Eritrea
- Eswatini (Swaziland)
- Ethiopia
- Gabon
- Guinea
- Guinea Bissau
- Haiti
- Iran
- Iraq
- Israel
- Jamaica
- Kenya
- Kyrgyzstan
- Laos (Lao People's Democratic Republic?)
- Lebanon
- Liberia
- Libya
- Madagascar
- Mali
- Mauritania
- Moldova
- Mozambique
- Myanmar
- Namibia
- Niger
- Nigeria
- Pakistan
- Philippines
- Russia
- Sao Tome and Principe
- Senegal
- Sierra Leone
- Solomon Islands
- Somalia
- South Africa
- South Sudan
- Sudan
- Suriname
- Syria
- Tajikistan
- Tanzania
- Togo
- Türkiye
- Turmenistan
- Ukraine
- Venezuela
- Vietnam
- West Bank
- Yemen
- Zimbabwe
For more information on how high-risk third countries are identified, please see the Isle of Man Government and FATF websites.