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Date: 18-Jan-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 116/2021 of 19 March 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/114]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The EEA Joint Committee Decision No 116/2021 incorporates Commission Delegated Regulation (EU) 2021/37 into the EEA Agreement by amending Annex IX (Financial services). This regulation concerns the deletion of Mongolia from the list of high-risk third countries in Delegated Regulation (EU) 2016/1675, which supplements Directive (EU) 2015/849 regarding the prevention of money laundering and terrorist financing.

Key Changes

  • Annex IX to the EEA Agreement is amended to include Commission Delegated Regulation (EU) 2021/37 of 7 December 2020.
  • Mongolia is removed from the table in point I of the Annex of Delegated Regulation (EU) 2016/1675.
  • The Decision entered into force on 20 March 2021, provided that all notifications under Article 103(1) of the EEA Agreement were made.

Impact Analysis

Financial Institutions

  • Financial institutions should review their risk assessment frameworks to determine if any adjustments are necessary based on Mongolia's revised risk profile.

Businesses with Mongolian Ties

  • Businesses should stay informed about any evolving regulations or guidelines related to Mongolia's AML/CTF status to ensure continued compliance.

EEA Member States

  • Member states should continue to assess and monitor Mongolia's AML/CTF regime to ensure it remains effective and compliant with international standards.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2021/37: A regulation amending Delegated Regulation (EU) 2016/1675 by deleting Mongolia from the list of high-risk third countries. Delegated Regulation (EU) 2016/1675: A regulation supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regard to identifying high-risk third countries. Directive (EU) 2015/849: The Fourth Anti-Money Laundering Directive. Mongolia: Country removed from the list of high-risk third countries for AML/CTF purposes.
Official Source Record View Original Source →
See Full Document Text
Official Journal EN of the European Union L series 2024/114 18.1.2024 DECISION OF THE EEA JOINT COMMITTEE No 116/2021 of 19 March 2021 amending Annex IX (Financial services) to the EEA Agreement [2024/114] THE EEA JOINT COMMITTEE, Having regard to the Agreement on the European Economic Area (“the EEA Agreement”), and in particular Article 98 thereof, Whereas: (1) Commission Delegated Regulation (EU) 2021/37 of 7 December 2020 on amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, as regards deleting Mongolia from the table in point I of the Annex(1)is to be incorporated into the EEA Agreement. (2) Annex IX to the EEA Agreement should therefore be amended accordingly, HAS ADOPTED THIS DECISION: Article 1 The following indent is added in point 23bb (Commission Delegated Regulation (EU) 2016/1675) of Annex IX to the EEA Agreement: ‘- 32021 R 0037: Commission Delegated Regulation (EU) 2021/37 of 7 December 2020(OJ L 14, 18.1.2021, p. 1).’ Article 2 The text of Delegated Regulation (EU) 2021/37 in the Icelandic and Norwegian languages, to be published in the EEA Supplement to the Official Journal of the European Union, shall be authentic. Article 3 This Decision shall enter into force on 20 March 2021, provided that all the notifications under Article 103(1) of the EEA Agreement have been made*. Article 4 This Decision shall be published in the EEA Section of, and in the EEA Supplement to, the Official Journal of the European Union. Done at Brussels, 19 March 2021. For the EEA Joint Committee The President Clara GANSLANDT (1) OJ L 14, 18.1.2021, p. 1. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/114/oj 1/1

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