Financial Action Task Force (FATF) statement
Financial institutions in the UK should give special attention to business relations and transactions with persons, including companies and financial institutions, from jurisdictions that do not adequately apply the FATF Recommendations.
The FATF is an inter-governmental body that develops national and international policies to combat anti money laundering (AML) and the financing of terrorism (CFT). It has released a public statement on several countries highlighting their concerns over deficiencies in their AML/CFT legislation.
The countries are Iran, Pakistan, Uzbekistan, Turkmenistan, Sao Tome and Principe, and the northern part of Cyprus.
More information on FATF can be viewed on their website.
If you deal with any of the countries listed you should take account of these concerns in your AML Risk Assessment