The Treasury has issued a formal statement to correct the Explanatory Memorandum to the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations, SI 2021/392.
Paragraph 8.1 of the original Explanatory Memorandum noted that no statement was required under the European Union (Withdrawal) Act 2018 Sch 8 para 15(4). Under that paragraph, the relevant authority must make a statement explaining why a new statutory instrument amends or revokes regulations that were made under the authority of the European Communities Act 1972 s 2.
The formal statement puts on record the reasons for the amendments made by SI 2021/392 – which in essence were to replace references to the European Commission’s list of high-risk third countries (in respect of which enhanced customer due diligence measures must be taken) with a list of countries identified in a new Schedule 3ZA to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692.
The Treasury has issued a formal statement to correct the Explanatory Memorandum to the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations, SI 2021/392.
Paragraph 8.1 of the original Explanatory Memorandum noted that no statement was required under the European Union (Withdrawal) Act 2018 Sch 8 para 15(4). Under that paragraph, the relevant authority must make a statement explaining why a new statutory instrument amends or revokes regulations that were made under the authority of the European Communities Act 1972 s 2.
The formal statement puts on record the reasons for the amendments made by SI 2021/392 – which in essence were to replace references to the European Commission’s list of high-risk third countries (in respect of which enhanced customer due diligence measures must be taken) with a list of countries identified in a new Schedule 3ZA to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692.
