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Articles
List of risky countries
The Financial Action Task Force on Money Laundering (FATF) is an intergovernmental institute defining global standards for acting against money laundering and terrorist financing.
The FATF issued on 27 June 2011 revised statements on the level of anti-money laundering and financing measuresterrorism. These statements include a list of countries where anti-money laundering and terrorist financing measures are not being applied at all or are not being applied to a sufficient extent.The list of these countries is essential for risk assessment of individual clients, trades and business relationships. Where the origin or activity of the client (natural or legal persons) is associated with the territory below, it is necessary to pay high or increased attention when assessing the potential risk.
Every LLC company in Czech republic have to have at least one business bank account.
Each bank institute in the Czech Republic has the obligation to verify the client when creating an bank account. The bank may/will refuse to provide services if the applicant is a citizen of a risky country.
Note on Bosnia and Herzegovina, Bulgaria, Iraq, Kuwait, and Papua New Guinea
Although Bosnia and Herzegovina, Bulgaria, Iraq, Kuwait, and Papua New Guinea are included on the FATF grey list (“Jurisdictions under Increased Monitoring”), these countries are not considered high-risk third countries in accordance with the general guidance issued by the Czech Financial Analytical Office (FAÚ), “How to approach EU Member States included on the FATF lists?” (available at: https://fau.gov.cz/stanoviska-fau).
However, please note that these jurisdictions nevertheless represent a risk factor for obliged entities and should therefore be taken into account within the risk assessment.
Explanatory Notes:
- EU – the list of countries set out in the Annex to Commission Delegated Regulation (EU) 2016/1675, supplementing Directive (EU) 2015/849 by identifying high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
- FATF – the lists published by the Financial Action Task Force, comprising:
- the High-Risk Jurisdictions subject to a Call for Action (the “black list”), and
- the Jurisdictions under Increased Monitoring (the “grey list”).
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