Article summary
HM Treasury has published an updated version of its advisory notice on the risks posed by unsatisfactory money laundering and terrorist financing (ML/TF) controls in a number of jurisdictions and the requirement to apply enhanced due diligence for higher risk jurisdictions. The notice specifically sets out which jurisdictions will be included in the forthcoming amendment to Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The list replicates those countries listed by the Financial Action Task Force as high risk or under increased monitoring. The notice replaces all previous advisory notices issued by HM Treasury on this subject.
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