Episode Details

This episode explains why EU financial institutions must legally adhere to the European Commission's list of high-risk third countries for anti-money laundering (AML) and counter-terrorism financing (CFT) purposes, rather than the Financial Action Task Force (FATF) list. The EU's list incorporates broader criteria, including corruption and governance, exceeding the FATF's focus solely on AML/CFT standards. This legal obligation stems from EU directives, and non-compliance carries significant penalties. The EU maintains its independent list to exercise political autonomy, protect its financial system, and address risks specific to its internal market. While a risk-based approach is permitted, the EU list remains mandatory for regulatory compliance.

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