On 21 October 2019, HM Treasury updated its advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in certain overseas jurisdictions.
The advisory notice provides that:
- the Democratic People’s Republic of Korea should be considered as high risk and firms should apply counter measures and enhanced due diligence measures in accordance with the risks;
- Iran should be considered as high risk and firms should apply enhanced due diligence measures in accordance with the risks and any other measures as specified by the Financial Action Task Force that have a similar effect in mitigating risks; and
- firms should take appropriate action to minimise the associated risks, which may include enhanced due diligence measures in high risk situations in relation to: the Bahamas, Botswana, Cambodia, Ghana, Iceland, Mongolia, Pakistan, Panama, Syria, Trinidad and Tobago, Yemen and Zimbabwe.