HM Treasury issues statement on money laundering controls in overseas jurisdictions On 10 November 2009, HM Treasury issued (www.hm-treasury.gov.uk/press_103_09.htm) a statement of advice about risks posed by unsatisfactory money laundering controls in the following jurisdictions: Iran, Pakistan, Uzbekistan, Turkmenistan, Sao Tome and Principe, and Azerbaijan (Statement). The advice has immediate effect. The Statement follows the […]

HM Treasury action in relation to Bank Mellat and the Islamic Republic of Iran Shipping Lines On 12 October 2009, HM Treasury used its powers under the Counter Terrorism Act 2008 to require the UK financial services sector to cease all business with the Iranian Bank Mellat and the Islamic Republic of Iran Shipping Lines, […]

Wolfsberg Group publishes revised paper on AML screening, monitoring and searching – On 10 November 2009, the Wolfsberg Group (Group) published a revised paper, dated 9 November 2009, on how financial institutions can develop suitable anti-money laundering (AML) screening, monitoring and searching processes and procedures (paper). The paper was originally published in September 2003. The […]

FATF to review its recommendations to increase transparency On 3 November 2009, the Financial Action Task Force (FATF) published a speech given by Paul Vlaanderen, FATF President, on 30 October 2009, in which he talked about the need to increase transparency in the area of anti-money laundering (AML). The FATF has been called on by […]

HM Treasury approves Law Society’s updated anti-money laundering practice note On 29 October 2009, the Law Society published an updated version of its anti-money laundering practice note (note). The note, dated 29 October 2009, is intended to help solicitors comply with the requirements of the Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000 […]

FATF reports on money laundering and terrorist financing in securities sector On 26 October 2009, the Financial Action Task Force (FATF) publisheda report on money laundering (ML) and terrorist financing (TF) in the securities sector. The FATF decided to carry out a global study of ML and TF in the securities sector in June 2008 […]

A full copy of the FSA report on financial services firms’ approach to UK financial sanctions is available for download at http://www.fsa.gov.uk/pubs/other/Sanctions%20Final%20Report.pdf.