{"id":1479,"date":"2023-03-21T10:33:09","date_gmt":"2023-03-21T10:33:09","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=1479"},"modified":"2023-03-21T10:33:10","modified_gmt":"2023-03-21T10:33:10","slug":"eu-demands-increased-due-diligence-in-transactions-with-high-risk-countries","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2023\/03\/21\/eu-demands-increased-due-diligence-in-transactions-with-high-risk-countries\/","title":{"rendered":"EU Demands Increased Due Diligence in Transactions with High-risk Countries"},"content":{"rendered":"\n

The European Union<\/strong> has warned regulators and industry bodies that companies and individuals should perform with an increased level of due diligence when conducting financial transactions with high-risk countries.<\/p>\n\n\n\n

The warning follows the update by the European Commission (EC) of the terms of reference for the High Risk Third Country Directive<\/strong> in December 2022. The Directive defines high-risk third countries with strategic deficiencies in the area of \u200b\u200bcombating money laundering (AML) and the financing of terrorism (CFT).<\/p>\n\n\n\n

The gambling business, along with banking and insurance, is recognized as a high-risk sector, which requires the respective companies to be particularly vigilant in relation to high-risk transactions involving third countries.<\/p>\n\n\n\n

In 2022, the G7 financial watchdog, the Financial Action Task Force on Money Laundering<\/strong> (FATF<\/strong>), added Gibraltar to the gray list of jurisdictions requiring enhanced financial controls.<\/p>\n\n\n\n

Gibraltar serves as the hub of operations for the online gambling sector, with 45 licenses operating and 2,000 employees as of May 2022.<\/p>\n\n\n\n

On the monitoring list, the EU recognizes the FATF assessment as the basis for its methodology for assessing high-risk countries. However, the EC says it will conduct a separate country assessment that takes into account eight key areas of financial crime.<\/p>\n\n\n\n

Member State regulators and industry associations confirm the need for businesses and individuals to be vigilant in preventing money laundering and other fraudulent activities that may originate from high-risk third countries.<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram-channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Union has warned regulators and industry bodies that companies and individuals should perform with an increased level of due diligence when conducting financial transactions with high-risk countries. The warning follows the update by the European Commission (EC) of the terms of reference for the High Risk Third Country Directive in December 2022. 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