High-Risk Countries: Difference between revisions
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Bittylicious expects its customers to disclose whether they are based in a high-risk third country, as defined by the European Commission. | Bittylicious expects its customers to disclose whether they are based in a high-risk third country, as defined by bodies such as the European Commission and the Financial Action Task Force (FATF). | ||
Generally speaking, high-risk countries are countries known to have high levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. which may 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. | Generally speaking, high-risk countries are countries known to have high levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. which may 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. | ||
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* Afghanistan | * Afghanistan | ||
* Albania | |||
* American Samoa | * American Samoa | ||
* | * Barbados | ||
* Botswana | * Botswana | ||
* Cambodia | |||
* Democratic People's Republic of Korea | * Democratic People's Republic of Korea | ||
* Ethiopia | * Ethiopia | ||
* Ghana | * Ghana | ||
* Guam | * Guam | ||
* Iran | * Iceland | ||
* Iran | |||
* Iraq | * Iraq | ||
* Jamaica | |||
* Libya | * Libya | ||
* Mauritius | |||
* Mongolia | |||
* Myanmar | |||
* Nicaragua | |||
* Nigeria | * Nigeria | ||
* Pakistan | * Pakistan | ||
| Line 26: | Line 34: | ||
* Sri Lanka | * Sri Lanka | ||
* Syria | * Syria | ||
* The Bahamas | |||
* Trinidad and Tobago | * Trinidad and Tobago | ||
* Tunisia | * Tunisia | ||
* Uganda | |||
* US Virgin Islands | * US Virgin Islands | ||
* Yemen | * Yemen | ||
* Zimbabwe | |||
For more information on how high-risk third countries are identified, please see the [https://ec.europa.eu/info/index_en European Commission] | For more information on how high-risk third countries are identified, please see the [https://ec.europa.eu/info/index_en European Commission] and [https://www.fatf-gafi.org/ FATF] websites. | ||
Revision as of 14:14, 10 March 2020
Bittylicious expects its customers to disclose whether they are based in a high-risk third country, as defined by bodies such as the European Commission and the Financial Action Task Force (FATF).
Generally speaking, high-risk countries are countries known to have high levels of corruption, criminal activity, terrorism, illegal drug-trafficking, etc. which may 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, or have their principal regulatory authority.
At time of writing, high-risk third countries include the following:
- Afghanistan
- Albania
- American Samoa
- Barbados
- Botswana
- Cambodia
- Democratic People's Republic of Korea
- Ethiopia
- Ghana
- Guam
- Iceland
- Iran
- Iraq
- Jamaica
- Libya
- Mauritius
- Mongolia
- Myanmar
- Nicaragua
- Nigeria
- Pakistan
- Panama
- Puerto Rico
- Samoa
- Saudi Arabia
- Sri Lanka
- Syria
- The Bahamas
- Trinidad and Tobago
- Tunisia
- Uganda
- US Virgin Islands
- Yemen
- Zimbabwe
For more information on how high-risk third countries are identified, please see the European Commission and FATF websites.