High risk jurisdictions

22/10/2013


This mean's that if you already have such a list in your Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) manual, or as part of your Risk Assessment (RA) form, that it’ll need updating. And that if you don’t have such a list, then now would be a good time to create one.


Iran and North Korea top the list. If you aren’t aware of the financial sanctions that these countries are subject to then please see the websites below. In a nutshell, business with these two jurisdictions is a big no-no at present.


Financial sanctions – Iran.


Financial sanctions – North Korea.


The following jurisdictions have all been identified as having strategic AML/CTF deficiencies. As high risk countries you will need to conduct enhanced CDD (Client Due Diligence) if you do decide to work on matters involving them, and ensure that CDD is conducted regularly throughout the transaction. CDD should never be just a one off for red flag jurisdictions:

Algeria, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar (Burma), Pakistan, Syria, Tanzania, Turkey, Yemen.

 

Please click here if you would like to read more about FATF and its work.

 

About the author

Hayley Crawshaw is a Risk and Compliance Consultant for Law Firms. Her contact details can be found at www.celticcompliance.com

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