UK HM Treasury issues Statement on Money Laundering in overseas jurisdictions
On November 10, HM Treasury issued a notice that contains advice about risks posed by unsatisfactory money laundering controls in different jurisdictions. According to the Money Laundering Regulations 2007, firms are required to put in place policies, procedures or systems with a view to prevent money laundering or terrorist financing. Regulated businesses are obliged to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations.
On October 16, 2009, the Financial Action Task Force (FATF) issued a further statement that drew attention to deficiencies in several jurisdictions. The United Kingdom fully supported the FATF on these issues and agreed with its assessments.
Additionally, the United Kingdom supported the public statements of MONEYVAL (a FATF style regional body under the auspices of the Council of Europe) in respect of Azerbaijan in December 2008, March 2009 and September 2009.