FATF publishes summary of October plenary meeting outcomes

The Financial Action Task Force (FATF) has published a summary of its plenary meeting held in October 2012. FATF also published a number of documents, including:

  • a public statement on jurisdictions with strategic anti-money laundering (AML) and counter terrorist-financing (CTF) deficiencies;
  • a public statement on FATF's ongoing work to improve global AML and CTF compliance;
  • an updated version of its best practices paper on confiscation and a framework for ongoing work on asset recovery;
  • an updated version of its best practices paper on managing the AML and CTF policy implications of voluntary tax compliance programmes; and
  • an updated version of its reference guide and information note on the use of FATF recommendations to support the fight against corruption.

HM Treasury advisory notice on money laundering risks

HM Treasury has issued an Advisory Notice regarding the risks posed by unsatisfactory money laundering controls in a number of jurisdictions. The Advisory Notice follows the recent publication by the Financial Action Task Force (FATF) of two statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. The Notice lists a number of jurisdictions that should be considered to be high risk for the purposes of the Money Laundering Regulations 2007 and in respect of which firms should therefore apply enhanced due diligence measures. It also identifies a number of further jurisdictions where enhanced due diligence may be advisable in high risk situations.