{"id":7190,"date":"2021-04-10T17:09:39","date_gmt":"2021-04-10T16:09:39","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=7190"},"modified":"2021-04-10T17:14:10","modified_gmt":"2021-04-10T16:14:10","slug":"uk-takes-nigeria-out-of-countries-with-high-risk-for-money-laundering","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/uk-takes-nigeria-out-of-countries-with-high-risk-for-money-laundering\/","title":{"rendered":"UK takes Nigeria out of countries with high-risk for money laundering"},"content":{"rendered":"
The government of the United Kingdom (UK), has exempted Nigeria from its list of high-risk countries for money laundering.<\/p>\n
In the list which comprised of 21 countries, Nigeria’s name was deleted in a published statement released as part of post-Brexit developments.<\/p>\n
Acknowledging the development, the Nigeria’s Financial Intelligence Unit, has announced that the country was officially withdrawn from the list by the Council of Europe on March 5, 2019.<\/p>\n
Contrary to the earlier practice, which was that until the end of the Brexit transition period, the list of high-risk countries was determined by the European Union (EU) under the 4th Anti Money Laundering Directive, from January 1, 2021, the UK has now had its own standalone list.<\/p>\n
Hence, with the UK exiting EU, afterwards, any amendments made by the EU to its list do not have effect in the UK.<\/p>\n
Recall that the EU had, in March, 2019 added Nigeria to countries on its \u201cdirty money blacklist\u201d adding that, the nations in this category posed a threat because of tax controls on terrorism financing and money laundering.<\/p>\n
ALSO READ:\u00a0Osinbajo unveils FG\u2019s Solar Power scheme for 5 million households in Jigawa<\/a><\/strong><\/p>\n Among the countries listed in the UK\u2019s Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 which took effect on March 26 are Ghana, Senegal, Iran and Morocco, Syria, Uganda, Zimbabwe and Pakistan.<\/p>\n The UK in its release said: \u201cThese Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017\/692) (\u201cthe MLRs\u201d) to insert as Schedule 3ZA a new UK list of high-risk third countries for the purposes of enhanced customer due diligence requirements,\u201d an explanatory note attached to the regulation read.<\/p>\n \u201cRegulation 2 substitutes for the definition of \u201chigh-risk third country\u201d in regulation 33(3)(a) of the MLRs a definition which refers to the list of countries in this Schedule, rather than to the list in Commission Delegated Regulation (EU) 2016\/1675 of 14th July 2016 supplementing Directive (EU) 2015\/849 of the European Parliament and the Council by identifying high-risk third countries with strategic deficiencies (\u201cthe CDR\u201d). It also makes a consequential amendment to a further reference to the CDR. Regulation 3 revokes the CDR.\u201d<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The government of the United Kingdom (UK), has exempted Nigeria from its list of high-risk countries for money laundering. In the list which comprised of 21 countries, Nigeria’s name was deleted in a published statement […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":7192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,3,2,7],"tags":[1499,41,40],"coauthors":[25],"class_list":{"0":"post-7190","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-features","8":"category-latest-news","9":"category-top-news","10":"category-world","11":"tag-money-laundering","12":"tag-nigeria","13":"tag-uk"},"yoast_head":"\n