HRST #8 Update of the list of High-Risk States and Territories – July 2023

Ministerial Order no. 2023-413 of July 7, 2023, published in Monaco’s Journal de Monaco on July 14, 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 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 currently comprises 32 countries. 3 states have been added and 3 states have been deleted: