HM Treasury has published an advisory notice on money laundering and terrorist financing controls in overseas jurisdictions.
The advisory notice follows the Financial Action Task Force’s October 2015 statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter terrorist financing regimes.
In the advisory notice HM Treasury advises firms to:
- consider the Democratic People’s Republic of Korea,, Iran and Myanmar as high risk for the purposes of the Money Laundering Regulations 2007, and so apply enhanced due diligence measures in accordance with the risks; and
- take appropriate actions in relation to Afghanistan, Algeria, Angola, Bosnia and Herzegovina, Guyana, Iraq, Lao PDR, Panama, Papua New Guinea, Syria, Uganda and Yemen to minimise the associated risks, which may include enhanced due diligence measures in high risk situations.
View Advisory Notice on Money Laundering and Terrorist Financing controls in Overseas Jurisdictions, 12 November 2015