High-risk jurisdictions

The Central Bank of Iceland draws attention to jurisdictions that are considered high-risk, in accordance with Article 6 of Act no. 140/2018. If an obliged entity intends to do business with parties involving the following countries, they shall conduct enhanced due diligence in accordance with Articles 13 and 14 of Act no. 140/2018. The list of high-risk and uncooperative jurisdictions, on the one hand, is of jurisdictions which the Financial Action Task Force (FATF) has designated as high-risk jurisdictions and, on the other hand, countries which the European Union has designated as high-risk third countries.

Risky and un-cooperative jurisdictions

The following countries are considered high-risk and un-cooperative in the above sense:

  • Afghanistan

  • Barbados

  • Bulgaria

  • Burkina Faso

  • Cameroon

  • Cayman Islands

  • Croatia

  • Democratic Republic of the Congo

  • Democratic People's Republic of Korea (DPRK)

  • Gibraltar

  • Haiti

  • Iran

  • Jamaica

  • Jordan

  • Mali

  • Mozambique

  • Myanmar/Burma

  • Nigeria

  • Panama

  • Philippines

  • Senegal

  • South Africa

  • South- Sudan

  • Syria

  • Tanzania

  • Trinidad and Tobago

  • Turkey

  • United Arab Emirates

  • Uganda

  • Vanuatu

  • Vietnam

  • Yemen

Useful information

  • FATF statement of 27 October 2023
    High-Risk Jurisdictions subject to a Call for Action
  • FATF report of 27 October 2023
    Jurisdictions under Increased Monitoring
  • Regulation no. 795/2023 amending the rules on high-risk jurisdictions for measures against money laundering and terrorist financing, no. 105/2020 (Icelandic)

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