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 Isle of Man government and bodies such as 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 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, or have their principal regulatory authority. | 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. | ||
| Line 10: | Line 10: | ||
* Albania | * Albania | ||
* Algeria | * Algeria | ||
* Bangladesh | * Bangladesh | ||
* Barbados | * Barbados | ||
* Belarus | |||
* Benin | * Benin | ||
* Bhutan | * Bhutan | ||
* Burkina Faso | * Burkina Faso | ||
* Burundi | * Burundi | ||
| Line 25: | Line 23: | ||
* Central Africa | * Central Africa | ||
* Chad | * Chad | ||
* Chile | |||
* China | |||
* Colombia | * Colombia | ||
* Comoros | |||
* Congo (Brazzaville) | |||
* Congo (Dem. Rep.) | |||
* Côte d’Ivoire | * Côte d’Ivoire | ||
* Democratic People's Republic of Korea (DPRK) | * Democratic People's Republic of Korea (DPRK) | ||
* Egypt | * Egypt | ||
* Equatorial Guinea | * Equatorial Guinea | ||
* Eritrea | * Eritrea | ||
* Eswatini | |||
* Ethiopia | * Ethiopia | ||
* Gabon | * Gabon | ||
| Line 44: | Line 47: | ||
* Israel | * Israel | ||
* Jamaica | * Jamaica | ||
* Jordan | |||
* Kenya | * Kenya | ||
* Kyrgyzstan | * Kyrgyzstan | ||
* | * Laos | ||
* Lebanon | * Lebanon | ||
* Lesotho | * Lesotho | ||
* Libya | * Libya | ||
* Madagascar | * Madagascar | ||
* Maldives | |||
* Mali | * Mali | ||
* Malta | * Malta | ||
* | * Mauritania | ||
* Morocco | * Morocco | ||
* Mozambique | * Mozambique | ||
* Myanmar | * Myanmar | ||
* Nepal | * Nepal | ||
* Nicaragua | * Nicaragua | ||
| Line 66: | Line 67: | ||
* Nigeria | * Nigeria | ||
* Pakistan | * Pakistan | ||
* Panama | * Panama | ||
* Papua New Guinea | * Papua New Guinea | ||
* Philippines | * Philippines | ||
* Sao Tome and Principe | * Sao Tome and Principe | ||
* Saudi Arabia | * Saudi Arabia | ||
* Senegal | * Senegal | ||
* Sierra Leone | * Sierra Leone | ||
* Solomon Islands | |||
* Somalia | * Somalia | ||
* South Sudan | * South Sudan | ||
* Sri Lanka | * Sri Lanka | ||
* Sudan | * Sudan | ||
* Syria | * Syria | ||
* Thailand | * Thailand | ||
* Togo | * Togo | ||
| Line 91: | Line 86: | ||
* Turkey | * Turkey | ||
* Uganda | * Uganda | ||
* United Arab Emirates | * United Arab Emirates | ||
* United States of America | * United States of America | ||
| Line 97: | Line 91: | ||
* Vietnam | * Vietnam | ||
* 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. | ||
Revision as of 09:51, 9 March 2022
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, or have their principal regulatory authority.
At time of writing, high-risk third countries include the following:
- Afghanistan
- Albania
- Algeria
- Bangladesh
- Barbados
- Belarus
- Benin
- Bhutan
- Burkina Faso
- Burundi
- Cambodia
- Cameroon
- Cape Verde
- Cayman Islands
- Central Africa
- Chad
- Chile
- China
- Colombia
- Comoros
- Congo (Brazzaville)
- Congo (Dem. Rep.)
- Côte d’Ivoire
- Democratic People's Republic of Korea (DPRK)
- Egypt
- Equatorial Guinea
- Eritrea
- Eswatini
- Ethiopia
- Gabon
- Guinea
- Guinea Bissau
- Haiti
- Honduras
- India
- Indonesia
- Iran
- Iraq
- Israel
- Jamaica
- Jordan
- Kenya
- Kyrgyzstan
- Laos
- Lebanon
- Lesotho
- Libya
- Madagascar
- Maldives
- Mali
- Malta
- Mauritania
- Morocco
- Mozambique
- Myanmar
- Nepal
- Nicaragua
- Niger
- Nigeria
- Pakistan
- Panama
- Papua New Guinea
- Philippines
- Sao Tome and Principe
- Saudi Arabia
- Senegal
- Sierra Leone
- Solomon Islands
- Somalia
- South Sudan
- Sri Lanka
- Sudan
- Syria
- Thailand
- Togo
- Tonga
- Tunisia
- Turkey
- Uganda
- United Arab Emirates
- United States of America
- Venezuela
- Vietnam
- Yemen
- Zimbabwe
For more information on how high-risk third countries are identified, please see the Isle of Man Government and FATF websites.