Treasury publishes AML and CTF notice
HM Treasury has published an Advisory Notice which identifies jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.
The notice responds to a Financial Action Task Force (FATF) statement (23 February 2018) and advises firms to:
- Consider DPRK as high risk for the purposes of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and apply counter measures and enhanced due diligence measures in accordance with the risks.
- Consider Iran as high-risk for the purposes of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and apply enhanced due diligence measures in accordance with the risks.
- For the below-listed jurisdictions, take appropriate actions to minimise the associated risks, which may include enhanced due diligence measures in high-risk situations:
- Sri Lanka
- Trinidad and Tobago
Iraq, Syria and Tunisia are also subject to financial sanctions in the UK.
Therefore, firms, organisations and individuals also need to comply with the relevant financial sanctions regulations, listed on OFSI’s regime pages.
OFSI’s consolidated list identifies those subject to financial sanctions — asset freezes — in Iraq, Syria and Tunisia.