HM Treasury (HMT) has identified the following jurisdictions as high risk for the purposes of the Money Laundering Regulations 2007 and advises firms to apply enhanced due diligence measures in their risk assessments:
Algeria, Democratic People’s Republic of Korea*, Ecuador, Indonesia, Iran* and Myanmar
HMT advises firms to take appropriate actions in relation to the following jurisdictions to minimise the associated risks which may include enhanced due diligence in high risk situations:
Afghanistan*, Albania, Angola, Cambodia, Guyana, Iraq*, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria*, Uganda, Yemen and Zimbabwe*
This announcement follows and supports the Financial Action Task Force’s (FATF) press statements released on 24 October 2014 identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing regimes.
FATF has identified the following jurisdictions as no longer subject to the FATF’s on-going global anti-money laundering/combating the financing of terrorism compliance process:
Argentina, Cuba, Ethiopia, Tajikistan and Turkey
Details of the findings for each country set out above can be found here