HM Treasury – Statement on Money Laundering controls in Overseas Jurisdictions

by Sabrina I. Pacifici on March 6, 2012

Statement on Money Laundering controls in Overseas Jurisdictions: “This notice constitutes advice issued by HM Treasury about risks posed by unsatisfactory money laundering controls in a number of jurisdictions. The Money Laundering Regulations 2007 require firms to put in place policies, procedures or systems in order to prevent money laundering or terrorist financing. Regulated businesses are also required to apply enhanced customer due diligence and enhanced ongoing monitoring on a risk-sensitive basis in certain defined situations and in “any other situation which by its nature can present a higher risk of money laundering or terrorist financing”.

  • See also: “The Asset Freezing Unit in the Treasury is responsible for the implementation and administration of international financial sanctions in effect in the UK, for domestic designations under the Terrorist Asset-Freezing etc. Act 2010 and licensing exemptions to financial sanctions.”
  • Posted in Legal Research

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