HM Treasury has published Advisory Notice on Money Laundering and Terrorist Financing controls in higher risk jurisdictions and advises firms 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.
On 23 February 2018 FATF published two statements identifying jurisdictions with strategic deficiencies in their AML/CFT regimes. These statements can be found in Annex A and Annex B.
FATF regularly publishes statements that identify high-risk countries based on assessments of their AML/CFT regimes.
In response to the latest FATF statements, HM Treasury advises firms to consider the following:
*These jurisdictions are subject to sanctions measures at the time of publication of this notice which require firms to take additional measures. Details can be found here: https://www.gov.uk/government/collections/financial-sanctions-regime-specificconsolidated-lists-and-releases
Read more: Gov.uk
