Treasury has updated its advice about the risks posed by unsatisfactory Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) controls in a number of jurisdictions. The advice supersedes previous advice issued by HM Treasury in connection with AML and CFT deficiencies, particularly the advice it issued on 15 April 2011. The advice is as usual in three parts:
- Part A: Jurisdictions with ongoing and substantial money laundering and terrorist financing risks.
- Part B: Jurisdictions with strategic deficiencies in their AML/CFT regime, which have developed an action plan with the Financial Action Task Force (FATF).
- Part C: Mutual evaluation of Argentina by the FATF.
HM Treasury notes that the advice will be particularly relevant to firms conducting business with individuals or entities based in any of the jurisdictions referred to in Parts A, B and C. (Source: Advisory note: Financial sector advisory note)