The Commission is today issuing Instruction Number 01/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 04/2015 issued on 19 November 2015.
Myanmar has now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance.
This means that financial services businesses and prescribed businesses may apply a risk based approach to relationships with a connection to Myanmar rather than having to apply a mandatory high risk designation to such a relationship.
Also included within Part B
- Lao PDR and
- Vanuatu
While THE FOLLOWING have been removed from the list of countries and jurisdictions subject to the Instruction.
- Algeria,
- Angola and
- Panama
The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with connections to
- Algeria,
- Angola and
- Panama
Details on the reasons for the removal of Algeria, Angola and Panama can be found at the end of the list.
Copies of Instruction No. 01/2016 can be accessed on the Financial Crime section of the Commission’s website and via the below links:
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