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Implementation of new AML Directive and new list of high-risk countries

Implementation of new AML Directive and new list of high-risk countri

Implementation of new AML Directive and new list of high-risk countries

07.05.2020 NL law

After discussions in the Dutch Parliament leading to a late implementation of the amendment of the fourth anti-money laundering and anti-terrorism financing directive, the Dutch implementation will most likely be in force before 18 May 2020. In addition, the European Commission today amended its list of high-risk countries.

Implementation of the new Directive

In addition to several measures with respect to the customer due diligence (e.g., relating to enhanced customer due diligence) and better exchange of information between regulatory authorities, the major new aspect is the addition of certain crypto service providers within the scope of Dutch AML laws.

Wallet providers and crypto exchanges will now become subject to Dutch AML laws and must perform customer due diligence. Additionally, they will be required to register with the Dutch Central Bank (DNB).

On 4 May 2020, DNB published a news letter that the crypto service providers should register with DNB before 18 May 2020. DNB also set out that the Dutch Ministry of Finance aims that the implementing Act enters into force before 18 May 2020.

For more information on specific Dutch plans in relation to AML laws and regulations, we refer to our newsletter of 9 December 2019.

New list of high-risk countries

On 7 May 2020, the European Commission amended its list containing high-risk third countries with strategic deficiencies in their regime regarding anti-money laundering. The updated list will be submitted to the European Parliament and Council for approval in the form of a Delegated Regulation. The European Commission stated that the Regulation will apply as of 1 October 2020, so that all stakeholders have time to prepare. The delisting of countries will only enter into force 20 days after publication in the Official Journal of the EU. It is unclear when this delisting will be published in the Official Journal.

The current list of high-risk countries is as follows: Afghanistan, Bosnia and Herzegovina, Guyana, Democratic People's Republic of Korea (DPRK), Iran, Iraq, Lao People's Democratic Republic, Syria, Uganda, Vanuatu, Yemen, Ethiopia, Sri Lanka, Trinidad and Tobago, Tunisia and Pakistan

The countries that will be delisted are: Bosnia-Herzegovina, Ethiopia, Guyana, Lao People's Democratic Republic, Sri Lanka and Tunisia

The countries will be added are: The Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe

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