As an important part of a Financial Crime Prevention framework, companies must always have updated lists of high-risk countries, internationally sanctioned and Tax haven countries. The list is key for the due diligence process and the risk scoring of counterparties.
High-risk countries
High-risk countries are defined as countries there are on the following lists:
- FATF black and grey listed countries
- EU High-risk third country list
- HM Treasury Advisory Notice: High Risk Third Countries - GOV.UK
Countries with international sanctions
Countries with international sanctions are defined as countries which are on the following lists:
Tax Haven countries
The Tax Haven country list is based on the following:
- EU list of non-cooperative jurisdictions for tax purposes - Consilium (europa.eu)
- Jurisdictions committed to improving transparency and establishing effective exchange of information in tax matters - OECD