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It is estimated that money laundering costs the UK economy £100bn every year |
Firms must carry out risk-based due diligence and have processes in place to spot and stop financial transactions that could involve money laundering |
Enhanced due diligence is needed in cases where there are high risk factors, including any business relationship established with a person in a high-risk third country |
Where are the EU defined high-risk third countries for money laundering?
Under EU money laundering regulation, there are a list of countries or jurisdictions which are defined as high-risk. This means they have been identified as having deficiencies to counter money laundering and terrorist financing. Engaging with businesses in one or more of these countries requires extra due-diligence and KYC checks.
View the full list of high-risk countries in our infographic