In Industry Insights

On 2nd November 2021 the Treasury updated its list of High Risk Jurisdictions for AML purposes, following on from decisions by the Financial Action Task Force (FATF).

Those countries with an asterisk also have financial sanctions in place as of 28/10/21.

The list is now (with the new additions highlighted):

Considered High Risk jurisdictions where you must use counter measures and Enhanced Due Diligence:

  • Democratic People’s Republic of Korea (DPRK) *
  • Iran*

Those where you should take appropriate actions to minimise risk which may include Enhanced Due Diligence:

  • Albania
  • Barbados
  • Burkina Faso
  • Cambodia
  • Cayman Islands
  • Haiti
  • Jamaica
  • Jordan
  • Mali *
  • Malta
  • Morocco
  • Myanmar *
  • Nicaragua *
  • Pakistan
  • Panama
  • Philippines
  • Senegal
  • South Sudan *
  • Syria *
  • Turkey
  • Uganda
  • Yemen *
  • Zimbabwe *

Botswana and Mauritius are no longer on the UK list.

If you use an electronic verification/CDD system please check that they have updated their database. If conduct manual checks, please be aware that the Law Society list may be slower to update than the official Government list.

Do be aware, if a country is not listed it does not automatically mean it is ‘low risk’.

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