HM Treasury statement on Iran, Pakistan and other countries

HM Treasury has issued a statement on Iran which says:

"All UK businesses regulated under the Money Laundering Regulations 2007 whether financial institutions or other regulated persons should treat transactions associated with Iran as situations that by their nature can present a higher risk of money laundering or terrorist financing, and which therefore require increased scrutiny, enhanced due diligence, and ongoing monitoring, particularly where correspondent relationships are involved, which have been highlighted as a particular risk."

With regard to Pakistan the statement says:

"UK financial institutions regulated for money laundering purposes should pay attention to the latest FATF statement in respect of Pakistan and the risks it presents.   Financial institutions should take this advice into account in respect of their systems and controls to counter financial crime, and take appropriate actions to minimise the associated risks."

With regard to Uzbekistan, Turkmenistan, and São Tomé and Príncipe the statement says:

"The attention of UK financial institutions regulated for money laundering purposes is therefore drawn to the FATF statements in respect of those jurisdictions, and the risks that they continue to present. They should take this advice into account in respect of their systems and controls to counter financial crime, and take appropriate actions to minimise the associated risks."

Finally with regard to Azerbaijan that statement says:

"The attention of UK financial institutions regulated for money laundering purposes is therefore drawn to the latest MONEYVAL statement in respect of this jurisdiction, and the risks that it continues to present."

The full statement from HM Treasury is at http://tr.im/EGOU

In a nutshell this means take extra care in relation to potential money laundering risk if you are dealing with any of these countries!

David

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Group: Money laundering and crime
A group for discussing issues relating to suspected money laundering and other crime