The below list is an EU-provided of high risk third countries; including the non-cooperative and other monitored jurisdictions that have been officially identified by the Financial Action Task Force (FATF).
The FATF criteria which is being used to decide the below table is as follows:
- Establishing criteria at a government level in line with global tax standards.
- Vetting countries against these criteria appropriately.
- Actively participating with jurisdictions which do not comply.
- Listing and de-listing jurisdictions accordingly as they commit or take action to comply.
- Supervising developments to ensure jurisdictions do not reverse previous improvements.
|COUNTRY||A/A||EU HIGH-RISK THIRD COUNTRIES||FATF HIGH-RISK & NON- COOP||
EU TAX BLACK LIST
|Bosnia and Herzegovina||6.||✔|
|Democratic People’s Republic of Korea||15.||✔||✔|
|People’s Republic of Laos (PRL)||16.||✔|
|Trinidad & Tobago||31.||✔||✔||✔|
|US Virgin Islands||3.||✔|
The Institute of Certified Public Accountants of Cyprus has given warnings to all licensed firms and members to take the abovementioned list into consideration when dealing with the application and implementation of due diligence measures and procedures respectively; particularly during the formation of any KYC procedures such as the Client Acceptance Policy and other preliminary risk assessments.