Advisory Notice on Money Laundering and Terrorist Financing controls in Overseas Jurisdictions on 18th October 2013 the Financial Action Task Force (FATF) published two statements (included as annex A and B ) 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. In response to the statements published by FATF on 18th October 2013, HM Treasury advises firms to:
Consider the following jurisdictions as high risk for the purposes of the Money
1. Laundering Regulations 2007, and so advises firms to apply enhanced due
diligence measures in accordance with the risks:
2. Algeria, DPRK*, Ecuador, Ethiopia, Indonesia, Iran*, Kenya, Myanmar, Pakistan, Syria*, Tanzania, Turkey and Yemen.
3. Take appropriate actions in relation to the following jurisdictions to minimise the associated risks, which may include enhanced due diligence measures in high risk.
Afghanistan*, Albania, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Iraq, Kuwait, Kyrgyzstan, Lao DPR, Mongolia, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Vietnam and Zimbabwe*.
*These jurisdictions are subject to sanctions measures at the time of publication of this
notice which require firms to take additional measures.
- Fraud Alert as Scam Emails are Sent Claiming they are from HM Treasury (acenewsservices.com)
- Policy paper: Preventing money laundering (gov.uk)
- Nigeria Exits Global Money Laundering And Terrorists Financing Watch List (unilaglss.wordpress.com)
- Anti-Money Laundering Bill…Guyana’s compliance dependent on passage of legislation (kaieteurnewsonline.com)
- NZ’s anti-money laundering laws pass muster (national.org.nz)
- One step forward: Nigeria gets off Financial Action Task Force (FATF) list of high-risk jurisdictions (tennygee.wordpress.com)