October 22, 2021

Volume XI, Number 295

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October 22, 2021

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HMRC Publishes Advisory Notice on Money Laundering and Terrorist Financing Controls in Overseas Jurisdictions

On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and to apply enhanced due diligence measures in accordance with the risks.

In addition, firms are advised to take appropriate actions with regard to Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu and Yemen in order to minimise the associated risks, which may include enhanced due diligence measures in high-risk situations.

© Copyright 2021 Squire Patton Boggs (US) LLPNational Law Review, Volume VII, Number 207
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