HRST #7 Update of the list of High-Risk States and Territories – March 2023

Ministerial Order no. 2023-150 of March 14, 2023, published in Monaco’s Journal de Monaco on March 17, 2023, 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 linked 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 law no. 1.362 as amended);
• When a business relationship or transaction involves an HRST, enhanced due diligence measures must be put in place (cf. article 14-2 of Act no. 1.362 as amended).

The list includes 32 states:

If you have any questions, please contact our team.