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Treasury warns of AML/CTF threats posed by various international jurisdictions
Following its meeting in Brazil earlier this month, the international Financial Action Task Force (FATF) issued a statement on 16 October 2008 drawing attention to various deficiencies in the AML/CTF controls in several jurisdictions.
On 20 October 2008, the Treasury issued a Press Notice drawing attention to this FATF statement which constitutes formal advice about the heightened risks of money laundering in the specific jurisdictions that it has identified. This Press Notice can be accessed at www.hm-treasury.gov.uk/press_107_08.htm and is directed at two groups.
Whilst the advice in respect of Turkmenistan, Pakistan, São Tomé and Príncipe and the northern part of Cyprus is drawn to the attention of financial institutions, the advice in respect of Iran and Uzbekistan is directed at all persons regulated for money laundering purposes in the UK, which not only includes financial businesses but also the legal and accountancy professions. The FATF statements on Iran and Uzbekistan are contained in the Press Notice.
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