HM Treasury has published a revised advisory notice on money laundering and terrorist financing controls in overseas jurisdictions.
The advisory notice, which sets out HM Treasury’s advice about risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions, makes reference to the Financial Action Task Force’s statements, published on 27 February 2015, identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter terrorist financing regimes, and in response advises firms to:
- consider Algeria, DPRK, Ecuador, Iran and Myanmar as high risk for the purposes of the Money Laundering Regulations 2007, and advises firms to apply enhanced due diligence measures in accordance with the risks; and
- take appropriate actions in relation to Afghanistan, Angola, Guyana, Indonesia, Iraq, Lao PDR, Panama, Papua New Guinea, Sudan, Syria, Uganda and Yemen to minimise the associated risks, which may include enhanced due diligence measures in high risk situations.
View Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice, 31 March 2015