On March 24, HM Treasury revised its advisory notice on money laundering and terrorist financing controls in overseas jurisdictions (AML/CTF). This replaces all previous notices issued by HM Treasury on this subject. The updated notice follows two statements published by the Financial Action Task Force on February 25, identifying jurisdictions with strategic deficiencies in their AML/CTF regimes.
The Democratic People’s Republic of Korea and Iran are identified in the notice as being higher-risk jurisdictions for which enhanced due diligence and appropriate countermeasures should be conducted to meet the risks presented to the global financial system.
The advisory notice sets out Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Ghana, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen and Zimbabwe as countries for which appropriate actions should be taken to minimize the associated risks. This may include enhanced due diligence in high-risk situations.