HM Treasury issue advice about unsatisfactory money laundering controls

HM Treasury has issued new advice about risks posed by unsatisfactory money laundering and terrorist financing controls.

On 14 February 2014 the Financial Action Task Force (FATF) published two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing regimes.

The Money Laundering Regulations 2007 require regulated entities to put in place policies and procedures in order to prevent activities related to money laundering and terrorist financing.

Higher Risk Jurisdictions

In response to the statements published by FATF on 14 February 2014, HM Treasury advises firms to:

Consider the following jurisdictions as high risk for the purposes of the Money Laundering Regulations 2007, and so advises firms to apply enhanced due diligence measures in accordance with the risks:

Algeria DPRK* Ecuador Ethiopia
Indonesia Iran* Myanmar Pakistan
Syria* Turkey Yemen

 

Take appropriate actions in relation to the following jurisdictions to minimise the associated risks, which may include enhanced due diligence measures in high risk situations:

Afghanistan* Albania Angola Argentina Cambodia Cuba
Iraq* Kenya Kuwait Kyrgyzstan Lao PDR Mongolia
Namibia Nepal Nicaragua Papua New Guinea Sudan Tajikistan
Tanzania Uganda Zimbabwe*

 

*These jurisdictions are subject to sanctions measures at the time of publication of this notice which require firms to take additional measures.

 

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