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HM Treasury updates list of deficient AML states

Mar 14 2013 Martin Coyle, Regulatory Intelligence

HM Treasury has updated its list of countries deemed to have specific deficiencies in their anti-money laundering (AML) and counter-terrorist financing regimes. The list mirrored last month's notice from the global standard setter, the Financial Action Task Force (FATF), which identified a number of countries with specific AML problems. It identified the following as countries which should be regarded as high-risk for the purposes of anti-money laundering: North Korea, Ecuador, Ethiopia, Indonesia, Iran, Kenya, Myanmar, Nigeria, Pakistan, São Tomé and Principe, Syria, Tanzania, Turkey, Vietnam and Yemen. HM Treasury advised that institutions should apply enhanced due diligence measures when dealing with entities in these jurisdictions and noted that sanctions applied to Iran, North Korea and Syria. HM Treasury also set out a second grouping of countries where institutions should take "appropriate action" to minimise risks, which might include applying enhanced due diligence measures

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