Iceland removes Bulgaria from high-risk list

Iceland’s Central Bank has removed Bulgaria from its list of high-risk and non-cooperative jurisdictions, mbl.is reported. No countries were added in the latest update.

The Central Bank’s Financial Supervisory Authority announced the change in a statement on Monday. It follows Bulgaria’s removal from the Financial Action Task Force (FATF) list of jurisdictions considered high-risk for money laundering and terrorist financing.

The Central Bank says reporting entities must carry out enhanced due diligence before doing business with parties linked to countries on its list. The list covers jurisdictions identified by FATF as high-risk or, where applicable, non-cooperative, as well as high-risk third countries identified by the European Union.

Following the update on November 2, the list includes Afghanistan, Algeria, the Democratic People’s Republic of Korea, Angola, Bosnia and Herzegovina, Bolivia, the British Virgin Islands, Burkina Faso, Côte d’Ivoire, Haiti, Iraq, Iran, Yemen, Cameroon, Kenya, Kuwait, Laos, Lebanon, the Democratic Republic of the Congo, Mali, Myanmar/Burma, Monaco, Mozambique, Namibia, Nepal, Nigeria, Papua New Guinea, South Africa, South Sudan, Syria, Tanzania, Trinidad and Tobago, Vanuatu, Venezuela and Vietnam.

FATF issues recommendations on combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. It also identifies jurisdictions considered high-risk and, in some cases, non-cooperative.