The European Commission has added Algeria and nine other countries to its updated list of high-risk jurisdictions with strategic deficiencies in anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
This means European Union entities must apply enhanced vigilance when conducting transactions involving these countries in order to safeguard the EU’s financial system.
The newly added jurisdictions include Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.
At the same time, the Commission has removed several countries from the list, including Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates.
This update aligns with the work of the Financial Action Task Force (FATF), particularly its list of “Jurisdictions under Increased Monitoring.”
As a founding FATF member, the European Commission is directly involved in tracking the progress of listed countries and supporting them in implementing their FATF action plans.
The EU considers this alignment crucial to reinforcing global standards against money laundering and terrorism financing.
The Commission’s revision was informed by technical assessments based on clearly defined criteria and data gathered through bilateral engagements, FATF documentation, and on-site evaluations.
It also addressed earlier concerns raised over its proposals and ensured the methodology was robust and transparent.
The update, mandated under Article 9 of the 4th Anti-Money Laundering Directive (4AMLD), takes legal effect through a delegated regulation.
This regulation will become binding after a one-month scrutiny period by the European Parliament and Council, which may be extended by an additional month.
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