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HM Treasury issues a High-Risk Country Advisory Notice

HM Treasury Advisory Notice: High-Risk Third Countries Requirement to apply Enhanced Due Diligence for higher risk jurisdictions The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’) require the UK regulated sector to apply enhanced customer due diligence in relation to high-risk countries. […]

OFSI publishes its own maritime shipping advisory

Maritime guidance published OFSI has today published new guidance for the maritime sector. It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that may be subject to UK financial sanctions restrictions. This should be considered supplementary […]

Q4 2019 TAFA Report is out…

TAFA quarterly reports to Parliament Under the Terrorist Asset-Freezing etc. Act 2010 (‘TAFA 2010’), HM Treasury is required to provide a quarterly report to Parliament on its operation of the UK’s asset freezing regime mandated by UN Security Council Resolution 1373. The quarterly report for 1 October to 31 December […]

HM Treasury published 2019-18 AML/ CTF supervision report

From the introductory section: This is the Treasury’s seventh annual report on AML/CTF supervision. This report includes self-reported data about activity undertaken in 2017-18 across the UK’s AML/CTF regime, which AML/CTF supervisors provided to the Treasury in their annual returns. This report provides transparency about the performance of AML/CTF supervisors […]

In case you missed the previous one…

OFSI to update consolidated list links In 2 weeks time, OFSI will update links to the consolidated list, the system it uses to publish the details of individuals and entities subject to financial sanctions. The consolidated list extracts will have new updated links on the website. It is important that any bookmarks to the old links […]

June 24, 2019: HM Treasury Advisory Notice on latest FATF Statement

The legal underpinning: HM Treasury Advisory Notice: Money Laundering and Terrorist Financing controls in higher risk jurisdictions   Requirement to apply Enhanced Due Diligence for higher risk jurisdictions   The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) require the UK regulated sector to apply enhanced customer due diligence to high-risk countries. […]

HM Treasury wants input on the EU 5MLD

Summary Seeking views on the transposition of the Fifth Money Laundering Directive. This consultation closes at 11:59pm on 10 June 2019 Consultation description This consultation invites views and evidence on the steps that the government proposes to take to meet the UK’s expected obligation to transpose the Fifth Money Laundering […]