HM Treasury have published an updated advisory notice on money laundering and terrorist financing controls in overseas jurisdictions.
Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice contains advice issued by HM Treasury about risks posed by unsatisfactory money laundering and terrorist financing controls. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) require firms to put policies and procedures in place to prevent activities related to money laundering and terrorist financing. On 29 June 2018, the Financial Action Task Force (FATF) (an inter-governmental body) published two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. In response to these statements, HM Treasury has revised its guidance on jurisdictions that should be considered as high risk and to which enhanced due diligence measures should be applied.
View the updated Money laundering and terrorist financing controls in overseas jurisdictions – advisory notice. Source: https://www.accountancydaily.co.uk