HMRC has confirmed the Money Laundering and Terrorist Financing (Amendment) (No 2) (High-Risk Countries) Regulations 2021 have come into force today (13 July).

This requires regulated businesses to apply enhanced customer due diligence measures and enhanced ongoing monitoring in any business relationship with a person established in a high-risk third country.

HMRC has also amended the list of high-risk third countries specified in Schedule 3ZA, which replicates those countries listed by the Financial Action Task Force as high risk, or under increased monitoring.

The Money Laundering, Terrorist Financing and Tr...