AI Summary of Article 9
The Commission shall identify third-country jurisdictions that have strategic deficiencies in their national AML/CFT regimes which pose significant threats to the Union’s financial system and designate them as 'high-risk third countries'. The Commission is empowered to adopt delegated acts in accordance with Article 64 to effect that identification.
Delegated acts must consider strategic deficiencies in: (a) the legal and institutional AML/CFT framework, notably criminalisation of money laundering and terrorist financing, customer due diligence, record-keeping, suspicious transaction reporting and availability of accurate and timely beneficial ownership information; (b) the powers, procedures and sanctions of competent authorities and their cooperation with Member States' competent authorities; and (c) the overall effectiveness of the AML/CFT system. Delegated acts shall be adopted within one month and take into account evaluations by relevant international organisations and standard setters.
Article 9
1. Third-country jurisdictions which have strategic deficiencies in their national AML/CFT regimes that pose significant threats to the financial system of the Union ('high-risk third countries') shall be identified in order to protect the proper functioning of the internal market.
2. The Commission is empowered to adopt delegated acts in accordance with Article 64 in order to identify high-risk third countries, taking into account strategic deficiencies in particular in the following areas:
(a) the legal and institutional AML/CFT framework of the third country, in particular:
(i) the criminalisation of money laundering and terrorist financing;
(ii) measures relating to customer due diligence;
(iii) requirements relating to record-keeping;
(iv) requirements to report suspicious transactions;
(v) the availability of accurate and timely information of the beneficial ownership of legal persons and arrangements to competent authorities;
(b) the powers and procedures of the third country’s competent authorities for the purposes of combating money laundering and terrorist financing including appropriately effective, proportionate and dissuasive sanctions, as well as the third country’s practice in cooperation and exchange of information with Member States’ competent authorities;