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Date: 27-Jun-2024 Category: Not Applicable State: Union Government Country: Europe

Decision of the EEA Joint Committee No 43/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1522]

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 43/2024 incorporates Commission Delegated Regulation (EU) 2024/163 into the EEA Agreement by amending Annex IX (Financial services). This regulation removes the Cayman Islands and Jordan from the list of high-risk third countries in Delegated Regulation (EU) 2016/1675.

Key Changes

  • Annex IX to the EEA Agreement is amended to include Commission Delegated Regulation (EU) 2024/163 of 12 December 2023.
  • Commission Delegated Regulation (EU) 2024/163 removes the Cayman Islands and Jordan from the table in point I of the Annex of Delegated Regulation (EU) 2016/1675.
  • The Decision enters into force on 3 February 2024, provided that all notifications under Article 103(1) of the EEA Agreement have been made.

Impact Analysis

Financial Institutions

  • Action Item: Review and update AML/CTF policies and procedures, and adjust due diligence measures accordingly.

Businesses with operations in or transactions involving the Cayman Islands and Jordan

  • Action Item: Assess potential cost savings and reduced compliance burdens associated with transactions involving the Cayman Islands and Jordan.

EEA Member States

  • Action Item: Ensure national legislation and regulatory frameworks are updated to reflect the changes.

Key Entities Referenced

EEA Joint Committee: The decision-making body responsible for amending the EEA Agreement. Commission Delegated Regulation (EU) 2024/163: Regulation amending Delegated Regulation (EU) 2016/1675 by removing the Cayman Islands and Jordan from the list of high-risk third countries. Commission Delegated Regulation (EU) 2016/1675: A regulation identifying high-risk third countries with strategic deficiencies in their AML/CTF regimes. Cayman Islands: A jurisdiction previously listed as a high-risk third country. Jordan: A jurisdiction previously listed as a high-risk third country. EEA Agreement: The Agreement on the European Economic Area.
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Official Journal EN of the European Union L series 2024/1522 27.6.2024 DECISION OF THE EEA JOINT COMMITTEE No 43/2024 of 2 February 2024 amending Annex IX (Financial services) to the EEA Agreement [2024/1522] 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) 2024/163 of 12 December 2023 amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan 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: ‘— 32024 R 0163: Commission Delegated Regulation (EU) 2024/163 of 12 December 2023 (OJ L, 2024/163, 18.1.2024).’ Article 2 The text of Delegated Regulation (EU) 2024/163 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 3 February 2024, 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, 2 February 2024. For the EEA Joint Committee The President Nicolas VON LINGEN (1) OJ L, 2024/163, 18.1.2024. (*) No constitutional requirements indicated. ELI: http://data.europa.eu/eli/dec/2024/1522/oj 1/1

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