Threat Alerts

HM Treasury issue advice about unsatisfactory money laundering 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.

15.03.11 Reminder from HMRC – Money laundering risks from politically exposed persons

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.

07.09.10 HMRC Guidance – Pakistan floods disaster – guidance on transmitting money

The Government recognises the crucial importance of individual giving and charitable donations at times of humanitarian crisis such as the Pakistan floods and therefore understands and values people’s desire to give money. This underlines the importance of knowing that money sent with best intentions is not inadvertently finding its way into the wrong hands.

18.03.10 HM Treasury Press Release

HM Treasury today issues a Statement on Money Laundering controls in Overseas Jurisdictions

The notice constitutes advice issued by HM Treasury about risks posed by unsatisfactory money laundering controls in a number of jurisdictions.

The Money Laundering Regulations 2007 require firms to put in place policies, procedures or systems in order to prevent money laundering or terrorist financing. Regulated businesses are also required to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations and in “any other situation which by its nature can present a higher risk of money laundering or terrorist financing”.

16 March 2009 HM Treasury warns businesses of serious threats posed to the international financial system

All UK businesses regulated under the Money Laundering Regulations 2007, whether Money Service Businesses or other regulated persons should treat transactions associated with Iran as situations that by their nature can present a higher risk of money laundering or terrorist financing