HM Treasury has published an updated advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The advisory notice has been published in response to the issue of two statements by the Financial Action Task Force (FATF) identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
Firms are advised to:
- In relation to the following consider as high risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and, therefore, to apply enhanced due diligence measures in accordance with these risks;
o Democratic People’s Republic of Korea and
o Iran and
- in relation to the following take appropriate actions to minimise the associate risks, which may include enhanced due diligence measures in high risk situations.
o Afghanistan,
o Bosnia and Herzegovina,
o Guyana,
o Iraq,
o Lao PDR,
o Myanmar,
o Papua New Guinea,
o Syria,
o Uganda,
o Vanuatu and
o Yemen
The advisory notice highlights which of these jurisdictions are subject to sanctions measures.
A copy of the notice is available below
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