Firms, and in particular MLROs, should be aware that HM Treasury has updated its advisory notice on overseas jurisdictions which have unsatisfactory money laundering and terrorist financing controls.
The notice is essentially divided into two lists: the first lists jurisdictions which should be subject to enhanced due diligence measures e.g. Turkey; the second lists those jurisdictions where appropriate actions may need to be taken, including ‘enhanced due diligence measures in high risk situations’ e.g. Argentina. The notice also includes brief notes on each jurisdiction.