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Date: 21-Mar-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 189/2023 of 14 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/814]

Issued by EEA Joint Committee · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The Decision of the EEA Joint Committee No 189/2023 amends Annex IX (Financial services) to the EEA Agreement to incorporate Commission Delegated Regulation (EU) 2023/1219. This regulation updates the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.

Key Changes

  • Commission Delegated Regulation (EU) 2023/1219 is incorporated into the EEA Agreement.
  • Nigeria and South Africa are added to the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
  • Cambodia and Morocco are removed from the list of countries with strategic deficiencies.
  • The amendment is effective from 14 July 2023, contingent upon all notifications under Article 103(1) of the EEA Agreement being made.

Impact Analysis

Financial Institutions

  • Action Item: Review and update AML/CTF policies and procedures to incorporate the changes mandated by Commission Delegated Regulation (EU) 2023/1219. Update customer risk assessments to reflect the changes to listed jurisdictions.

Businesses with International Operations

  • Action Item: Communicate the changes to relevant departments (e.g., finance, legal, compliance) and ensure they are aware of the updated due diligence requirements.

EEA Member States

  • Action Item: Update national AML/CTF regulations and guidance to reflect the changes introduced by Commission Delegated Regulation (EU) 2023/1219.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for the management of the EEA Agreement. Commission Delegated Regulation (EU) 2023/1219: A regulation amending Delegated Regulation (EU) 2016/1675, adding Nigeria and South Africa to the list of countries with strategic deficiencies and deleting Cambodia and Morocco. Commission Delegated Regulation (EU) 2016/1675: A regulation identifying high-risk third countries with strategic deficiencies in their AML/CTF regimes. EEA Agreement: The Agreement on the European Economic Area, which extends the EU's single market to Iceland, Liechtenstein, and Norway. Nigeria: Country added to the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. South Africa: Country added to the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. Cambodia: Country removed from the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. Morocco: Country removed from the list of countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
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Official Journal EN of the European Union L series 2024/814 21.3.2024 DECISION OF THE EEA JOINT COMMITTEE No 189/2023 of 14 July 2023 amending Annex IX (Financial services) to the EEA Agreement [2024/814] 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) 2023/1219 of 17 May 2023 amending Delegated Regulation (EU) 2016/1675 as regards adding Nigeria and South Africa to the table in point I of the Annex and deleting Cambodia and Morocco from that table(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: ‘— 32023 R 1219: Commission Delegated Regulation (EU) 2023/1219 of 17 May 2023(OJ L 160, 26.6.2023, p. 1).’ Article 2 The text of Delegated Regulation (EU) 2023/1219 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 14 July 2023, 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, 14 July 2023. For the EEA Joint Committee The President Pascal SCHAFHAUSER (1) OJ L 160, 26.6.2023, p. 1. * No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/814/oj 1/1

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