On 17 March 2022, HM Treasury published an updated advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. The advisory notice replaces all previous notices issued by HM Treasury on the subject.
The list of jurisdictions replicates those countries listed by the Financial Action Task Force (FATF) as high risk, or under increased monitoring.
The advisory notice identifies Albania, Barbados, Burkina Faso, Cambodia, the Cayman Islands, DPRK, Haiti, Iran, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Pakistan, Panama, the Philippines, Senegal, South Sudan, Syria, Turkey, Uganda, United Arab Emirate and Yemen as countries for which appropriate actions should be taken to minimise the associated risks and these actions may include enhanced due diligence in high-risk situations.
Zimbabwe is no longer subject to FATF’s increased monitoring process due to its significant progress in improving its anti-money laundering / countering the financing of terrorism regime.