European Commission Puts Russia on Money-Laundering 'Grey List' After Technical Review

Overview

• The European Commission on 3 December formally added Russia to the EU list of high-risk third countries for money laundering and terrorist financing.
• The designation follows a technical assessment conducted under a July delegated regulation that required completing reviews of certain third countries by year-end.
• Banks, payment providers and other obliged entities in the EU must apply enhanced due diligence to Russia-linked transactions.
• The delegated act will take effect after a scrutiny period of one month, extendable by another month, provided the European Parliament or the Council do not object.
• The move asserts EU listing authority after FATF suspended Russia but did not greylist it, with AMLA slated to join the EU listing process from July 2027 alongside existing sanctions limiting Russian access to EU finance.