On 25 June 2019, HM Treasury published an updated advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.
The notice contains three categories of higher risk jurisdictions:
- consider as high risk and apply counter measures and enhanced due diligence measures in accordance with the risks: Democratic People’s Republic of Korea;
- consider as high risk and apply enhanced due diligence measures in accordance with the risks, and any other measures as specified by the Financial Action Task Force (FATF) that have a similar effect in mitigating risks: Iran; and
- take appropriate actions to minimise the associated risks, which may include enhanced due diligence measures in high risk situations: The Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.