HRST #5 High-Risk States and Territories list updated – July 2022

Ministerial Order no. 2022-358 of July 06, 2022, published in Monaco’s Journal de Monaco on July 15, 2022, updates the list of states or territories whose anti-money laundering, terrorist financing or corruption system have strategic deficiencies.

This publication amends Ministerial Order no. 2021-703 of November 8, 2021.

As a reminder, the obligations relating to HRST are as follows:

• When a transaction involves a counterparty with links to an HRST, a special examination report must be drawn up and kept (article 14 of the amended law n°1.362) ;
• When a business relationship or transaction involves an HRST, enhanced due diligence measures must be put in place (cf. article 14-2 of law no. 1.362 as amended).

The list still includes 27 countries (including 1 new country in green and the removal of a country in red):