Financial sanctions imposed on Libya, Zimbabwe, Al-Qaida and the Taliban
The UK Government has announced financial sanctions against the regimes in Libya and Zimbabwe and against anyone associated with either Al-Qaida or the Taliban.
Recent developments in the Middle East have highlighted the need for businesses to be vigilant and have robust systems and controls for dealing with actual or potential politically exposed persons. Your business needs to consider the possible impact these events may have on patterns of financial activity when assessing risks related to particular customers and flows of funds.
Businesses need to establish and maintain systems and controls to counter the risk that they might be used to further financial crime. This is covered in the Money Laundering Regulations (MLR). The Money Laundering Regulations 2007 (Regulations 14(4) and 20(2)) and transaction monitoring (Regulations 8 and 20)
If your business is registered under MLR you need to review your anti-money laundering policies and procedures risk assessment as a result of these developments. You will need to check your risk assessment and to take the steps necessary to ensure you continue to meet your legal and regulatory anti-money laundering and reporting obligations.
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