Recital 1

(1)The Union must effectively protect the integrity and proper functioning of its financial system and the internal market against money laundering and terrorist financing. Directive (EU) 2015/849 provides that the Commission is to identify third-country jurisdictions that have strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes that pose significant threats to the Union’s financial system (‘high-risk third countries’).