United Kingdom (and EU regulation)

HMT advisory notice on money laundering and terrorist financing controls in overseas jurisdictions

By Lisa Lee Lewis (UK) and John Coley (UK) on June 27, 2019 Posted in Money laundering, United Kingdom

On 25 June 2019, HM Treasury published an updated advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.

The notice contains three categories of higher risk jurisdictions:

consider as high risk and apply counter measures and enhanced due diligence measures in accordance with the risks: Democratic People’s Republic of Korea;
consider as high risk and apply enhanced due diligence measures in accordance with the risks, and any other measures as specified by the Financial Action Task Force (FATF) that have a similar effect in mitigating risks: Iran; and
take appropriate actions to minimise the associated risks, which may include enhanced due diligence measures in high risk situations: The Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.