This report, which was prepared for the Knowledge, Evidence and Learning for Development (K4D) Helpdesk service of the UK Department for International Development (DFID), answers the following questions:
Companies conducting business beyond their domestic markets face growing legal and reputation risks.
The Good Practice Guidelines on Conducting Third Party Due Diligence are meant as a practitioner’s guide to managing these risks and are intended for all types of businesses.
The European Commission has released a new list of 23 “high-risk third countries” with weak anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.
This means that banks and other entities subject to the EU’s AML rules will have to apply increased due diligence in relation to customers and financial institutions from these countries.