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.

COUNTRYA/AEU HIGH-RISK THIRD COUNTRIESFATF HIGH-RISK & NON- COOP

EU TAX BLACK LIST

Afghanistan 4.✔  American Samoa 2.  ✔Bahamas 18.  ✔ Bosnia and Herzegovina 6. ✔  Botswana 19.  ✔ Cambodia 14.  ✔ Cayman Islands 21.   ✔Democratic People’s Republic of Korea15. ✔ ✔ Ethiopia 1. ✔  Fiji Islands 20.   ✔Ghana 7.  ✔ Guam 8.   ✔Guyana 9. ✔  Iceland 13.  ✔ Iran 12. ✔
✔ Iraq 11. ✔  Mongolia 17.  ✔ Oman 22.   ✔Pakistan 24. ✔ ✔ Palau 25.   ✔Panama 26.  ✔ ✔People’s Republic of Laos (PRL) 16. ✔  Samoa 27.   ✔Seychelles 28.   ✔Sri Lanka 29. ✔  Syria 30. ✔ ✔ Trinidad & Tobago 31. ✔ ✔ ✔Tunisia 32. ✔  Uganda 23. ✔  US Virgin Islands3.   ✔Vanuatu 5. ✔  ✔Yemen 33. ✔ ✔ Zimbabwe 10.  ✔

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.