# AMLR Art. 29 — Third countries - strategic deficiencies > AMLR Art. 29 applies from 10 July 2027; GwV-FINMA Art. 13 is already in force. See [[Effective-dates timeline]]. - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.19 - Higher-risk countries|FATF R.19]] - **Swiss provisions:** [[GwV-FINMA Art. 13 - Higher-risk business relationships|GwV-FINMA Art. 13]] - **Detailed citation:** GwV-FINMA Art. 13 (increased-risk countries) ## What it requires AMLR Art. 29 empowers the Commission to designate 'high-risk third countries' by delegated act, adopted within 20 calendar days of finding significant, persistent and uncorrected strategic AML/CFT deficiencies, informed by international standard-setters' evaluations. Listing triggers mandatory enhanced due diligence (Art. 34(4)) for relationships or transactions involving persons from that country, and the delegated act assigns specific countermeasures from the Article 35 list. A Member State may impose additional country-specific countermeasures for risks the Union list does not address, notifying the Commission within 5 days. ## Swiss position GwV-FINMA Art. 13 Abs. 3 Bst. d makes relationships with persons resident in a country the FATF treats as 'High Risk' or non-cooperative, and toward which the FATF calls for increased diligence, higher-risk per se - regardless of whether that person is the contracting party, controlling person, beneficial owner or an authorised signatory (Abs. 5). Abs. 2 Bst. a, b and g also list a FATF-listed country's seat, residence, nationality, place of business, or role as payment origin/destination as risk criteria an intermediary must weigh generally under its own risk analysis (Abs. 2bis), without automatic high-risk status. Switzerland maintains no delegated act or published list of its own; GwV-FINMA Art. 13 references the FATF's own categorisation directly. ## Key divergences The two mechanisms differ in source and process. AMLR Art. 29 runs on a Commission-adopted delegated act, built from the Commission's own assessment of persistent, significant strategic deficiencies, with specific Article 35 countermeasures assigned per listed country, a 20-calendar-day adoption clock, and a Member State supplementary-countermeasure power. GwV-FINMA Art. 13 Abs. 3 Bst. d instead incorporates the FATF's 'High Risk'/non-cooperative designation directly by reference, with no separate Swiss delegated act, published list, or per-country tailored countermeasures, and applies per se regardless of the person's role in the relationship (Abs. 5). Where the AMLR ties mandatory enhanced due diligence to a Union list that need not track FATF exactly, Swiss law's per se trigger is the FATF listing itself. ## Effective dates AMLR Art. 29 applies from 10 July 2027; GwV-FINMA Art. 13 is already in force. See [[Effective-dates timeline]]. ## Further connections *These links come from an article-by-article comparison of the primary texts. They add to the provisions listed at the top of this note and make no equivalence claim.* - [[GwV-FINMA Art. 14 - Higher-risk transactions|GwV-FINMA Art. 14]] — GwV-FINMA Art. 14(3)(b) makes payments from or to a country on the FATF high-risk list (where FATF calls for enhanced due diligence) always higher-risk transactions, keyed to payment origin or destination; AMLR Art. 29(4) keys EDD to relationships and occasional transactions involving persons from a Commission-designated country. *(related)* ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 29 — English text (EUR-Lex, CELEX 32024R1624) > **Article 29** > *Identification of third countries with significant strategic deficiencies in their national AML/CFT regimes* > 1. Third countries with significant strategic deficiencies in their national AML/CFT regimes shall be identified by the Commission and designated as ‘high-risk third countries’. > 2. In order to identify third countries as referred to in paragraph 1 of this Article, the Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement this Regulation, where: > (a) significant strategic deficiencies in the legal and institutional AML/CFT framework of the third country have been identified; > (b) significant strategic deficiencies in the effectiveness of the third country’s AML/CFT system in addressing money laundering and terrorist financing risks or in its system to assess and mitigate risks of non-implementation or evasion of UN financial sanctions relating to proliferation financing have been identified; > (c) the significant strategic deficiencies identified under points (a) and (b) are of a persistent nature and no measures to mitigate them have been taken or are being taken. > Those delegated acts shall be adopted within 20 calendar days of the Commission ascertaining that the criteria in point (a), (b) or (c) of the first subparagraph are met. > 3. For the purposes of paragraph 2, the Commission shall take into account calls for the application of enhanced due diligence measures and additional mitigating measures (‘countermeasures’) by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing, as well as relevant evaluations, assessments, reports or public statements drawn up by them. > 4. Where a third country is identified in accordance with the criteria referred to in paragraph 2, obliged entities shall apply enhanced due diligence measures listed in Article 34(4) with respect to the business relationships or occasional transactions involving natural or legal persons from that third country. > 5. The delegated act referred to in paragraph 2 shall identify among the countermeasures listed in Article 35 the specific countermeasures mitigating specific risks stemming from each high-risk third country. > 6. Where a Member State identifies a specific money laundering or terrorist financing risk posed by a third country that the Commission has identified in accordance with the criteria referred to in paragraph 2 which is not addressed by the countermeasures referred to in paragraph 5, it may require obliged entities established in its territory to apply specific additional countermeasures to mitigate the specific risks stemming from that third country. The risk identified and the corresponding countermeasures shall be notified to the Commission within 5 days of the countermeasures being applied. > 7. The Commission shall review the delegated acts referred to in paragraph 2 on a regular basis to ensure that the specific countermeasures identified pursuant to paragraph 5 take account of the changes in the AML/CFT framework of the third country and are proportionate and adequate to the risks. > Upon receiving a notification pursuant to paragraph 6, the Commission shall assess the information received to determine whether country-specific risks affect the integrity of the Union’s internal market. Where appropriate, the Commission shall review the delegated acts referred to in paragraph 2, by adding the necessary countermeasures to mitigate those additional risks. Where the Commission considers that the specific additional measures applied by a Member State under paragraph 6 are not necessary to mitigate specific risks stemming from that third country, it may decide, by means of an implementing act, that the Member State shall put an end to the specific additional countermeasure. ## Sources - AMLR Art. 29 — CELEX 32024R1624 - GwV-FINMA SR 955.033.0, Art. 13