HM Treasury has published an Advisory Notice drawing the regulated sector’s attention to the statements that the Financial Action Task Force (FATF) made on 23 February 2018 identifying jurisdictions with strategic deficiencies in their anti-money laundering / countering the financing of terrorism regimes. These statements are located in Annex A and B of the Advisory Notice.
In response to the latest FATF statements, HM Treasury advises firms to consider:
- North Korea as a high risk and apply counter measures and enhanced due diligence measures in accordance with the risks; and
- Iran as high risk and apply enhanced due diligence measures in accordance with the risks.
- HM Treasury also advises that firms should consider taking appropriate action to minimise the associated risks, which may include enhanced due diligence measures in high risk situations in the following jurisdictions: Ethiopia, Iraq, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.
View HM Treasury Advisory Notice: Money Laundering and Terrorist Financing controls in higher risk jurisdictions, 27 February 2018