UK Treasury warns companies of money-laundering

The UK Treasury has warned law firms and other companies subject to anti-money laundering regulations that many jurisdictions make a serious threat to their businesses.

It named the list of countries that do not have proper procedures or systems aimed at money laundering or terrorist financing prevention. Iran, Pakistan, Uzbekistan, Turkmenistan, Azerbaijan, and Sao Tome and Principe were on the list. According to the Treasury, enhanced due diligence and monitoring is required of United Kingdom’s firms that do business with the above-mentioned countries.

The Treasury was endorsing reports by 2 inter-governmental anti-money laundering action groups – the Financial Action Task Force (FATF) and MONEYVAL.

The Treasury said that due to improvements to the anti-money laundering regime in northern Cyprus, this jurisdiction is no longer of concern.

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