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 […]

In a recently released report, HMT endorses the use of pro-active testing of systems in order to ensure compliance and recommended increased use of punitive sanctions alongside remedial action. READ MORE – https://www.gov.uk/government/publications/anti-money-laundering-and-counter-terrorist-finance-supervision-reports/anti-money-laundering-and-counter-terrorist-finance-supervision-report-2012-13    

The Joint Money Laundering Steering Group (JMLSG) has received confirmation  of HM Treasury’s approval of certain amendments made to its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance. The approval was confirmed in a letter to the JMLSG and relates to changes made to parts I and II of the JMLSG’s 2011 guidance. http://sites.herbertsmithfreehills.vuturevx.com/38/5938/landing-pages/united-kingdom.asp?sid=6f726542-002e-4ba6-bcc9-47551be8cd5a

HM Treasury has updated its current list of designated persons, Al-Qaida together with the consolidated list of financial targets in the UK. The Treasury has also published a Financial Sanctions Notice  in relation to Regulation (EU) No 943/2013 the effect of these changes is to remove one individual from the asset freeze list. The Zimbabwe Mining […]

HM Treasury has published a set of responses to Frequently Asked Questions (FAQs) regarding the scope and practical applicability of the UK financial sanctions regime. The FAQs include detail on the applicability and enforcement of the regime, the powers of HM Treasury in relation to information gathering, and details on HM Treasury’s list of persons […]

 The European Union has suspended sanctions against 81 Zimbabwe officials and eight Zimbabwe firms. This follows the country’s “peaceful successful and credible referendum on a new constitution” earlier this month. President Robert Mugabe and a few others including Zimbabwe Mining Development Corporation remain blacklisted until “peaceful, transparent and credible elections have been achieved” said an EU […]

 HM Treasury has updated  Financial Sanctions Notice: Iran (Human Rights): Council Implementing Regulation (EU) No 206/2013. The amendments to Annex 1 to the Regulation take the form of the addition of 9 individuals and 1 entity; these additions are therefore subject to the asset freeze imposed by the regulation. HM Treasury have also published an updated […]

 HM Treasury has published a revised financial sector advisory notice on money laundering and terrorist financing controls in overseas jurisdictions. The notice contains advice issued by the Treasury about risks posed by unsatisfactory anti-money laundering and counter-terrorist financing controls in a number of overseas jurisdictions. The main changes from the last notice issued by HMT […]