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 bodies such as the European Commission and the Financial Action Task Force (FATF). | 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). | ||
Revision as of 17:08, 1 January 2021
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
- The Bahamas
- Barbados
- Botswana
- Cambodia
- Democratic People's Republic of Korea (DPRK)
- Ghana
- Iran
- Iraq
- Jamaica
- Mauritius
- Mongolia
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Syria
- Trinidad and Tobago
- Uganda
- Vanuatu
- Yemen
- Zimbabwe
For more information on how high-risk third countries are identified, please see the European Commission and FATF websites.