Prohibited Countries List
Document History
Controlled jurisdictions are identified by international organisations (FATF and European Commission) as having strategic deficiencies in their counter money laundering, terrorist financing, and proliferation financing regimes. Due to the high-risk factor, customers who intend to provide services related to these countries should carry out a comprehensive risk assessment to identify, assess, and manage the specific risks to their business model.
Under the Money Laundering Regulations 2017 (amendment 2019), enhanced due diligence (EDD) is mandated for any business relationship with a person established in a high-risk third country. End users and payments flow through these jurisdictions should be subject to enhanced due diligence and ongoing monitoring. These countries continue to work with the FATF to address their strategic deficiencies and FATF reviews and updates the list accordingly.
The Company’s country risk model incorporates publications issued by national and regional bodies focused on AML, CFT, and tax compliance. Specifically, this includes the National Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations Committee (NAMLCFTC), the UAE Financial Intelligence Unit (FIU), and the Organization for Economic Cooperation and Development (OECD) list of jurisdictions classified as uncooperative tax havens.
Furthermore, the Company evaluates whether a jurisdiction:
· Facilitates or supports terrorist activities, or harbours designated terrorist organizations, as identified by reliable sources.
· Demonstrates significant levels of organized crime, corruption, or other illicit activities, including drug trafficking, human trafficking, smuggling, and illegal gambling, based on credible reports.
· Is subjected to sanctions, embargoes, or similar measures from international bodies like the United Nations.
· Exhibits inadequate governance, law enforcement, or regulatory frameworks, particularly those identified by the FATF for deficiencies in AML/CFT measures. Such jurisdictions require heightened scrutiny of business relationships and transactions by financial institutions.
Newly updated list of high-risk countries according to FATF AML Deficiency List/EU High risk approved by the European Commission.
Fastex will NOT be servicing the countries falling under High Risk or Increased monitoring.
● Afghanistan
● Albania
● Bangladesh
● Belarus
● Burkina Faso
● Bulgaria
● Cameroon
● Canada
● Cayman Islands
● China
● Democratic Republic of the Congo
● Gibraltar
● Haiti
● Iran
● Iraq
● Jordan
● Kenya
● Libya
● Lebanon
● Mali
● Monaco
● Morocco
● Mozambique
● Myanmar
● Namibia
● Nigeria
● North Korea
● Panama
● Philippines
● Russian Federation
● Senegal
● South Africa
● South Sudan
● Syria
● Tanzania
● Uganda
● USA
● Vanuatu
● Venezuela
● Yemen
Low-risk countries:
● Andorra
● Australia
● Austria
● Belgium
● Chile
● Czech Republic
● Denmark
● Estonia
● Finland
● France
● Germany
● Greece
● Iceland
● Ireland
● Italy
● Latvia
● Liechtenstein
● Lithuania
● Luxembourg
● Netherlands
● New Zealand
● Norway
● Poland
● Portugal
● San Marino
● Singapore
● Slovakia
● Slovenia
● South Korea
● Spain
● Sweden
● Switzerland
● Taiwan
● United Kingdom
● Uruguay