On 14 February 2014, the Financial Action Task Force (FATF) published two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering (AML) and combating the financing of terrorism (CFT) regimes (see below).
- The second plenary meeting of the Financial Action Task Force (FATF), which was held in Paris from 12 to 14 February 2014, achieved the following outcomes in relation to its key focus on anti-money laundering (AML) and combating the financing of terrorism (CFT):
- producing documents to identify jurisdictions which may pose a risk to the international financial system;
- approving and publishing reports on the mutual evaluations of Aruba (Kingdom of the Netherlands), Austria, Canada, Luxembourg, Mexico and the Netherlands;
- receiving an update on AML/CFT improvements in Antigua and Barbuda, Bangladesh and Vietnam;
- reviewing voluntary tax compliance programmes in several jurisdictions;
- adopting and publishing universal procedures for assessments conducted by assessment bodies;
- continuing to develop guidance on effective implementation of beneficial ownership requirements;
- exploring common issues between AML/CFT and data protection experts; and
- conducting further research on the AML/CFT implications of virtual currency.
In response to these FATF statements, HM Treasury is advising firms to:
- consider certain jurisdictions (see notice for list) as high risk and apply enhanced due diligence measures accordingly; and
- take appropriate actions in relation to other jurisdictions (see notice for list) to minimise the associated risks.
The Money Laundering Regulations 2007 require regulated entities to have policies and procedures to prevent activities relating to money laundering and terrorist financing.
A copy of the advisory notice = https://www.gov.uk/government/publications/money-laundering-and-terrorist-financing-controls-in-overseas-jurisdictions-advisory-notice/money-laundering-and-terrorist-financing-controls-in-overseas-jurisdictions-advisory-notice
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