New anti-money-laundering advisories have been put out by the Ministry of Legal Affairs, highlighting jurisdictions viewed to have inadequate control measures.

The new AML-ATF Advisory, published online, lists countries that are considered high risk by the Financial Action Task Force because of their anti-money-laundering and antiterrorist financing measures.

“As the international anti-money-laundering and countering the financing of terrorism standard-setter, FATF regularly publishes statements that identify high-risk countries based on assessments of their AML/CFT regimes,” the advisory states.

“In accordance with Regulation 11 (1)(aa), the Minister for Legal Affairs would like to draw the regulated sector’s and relevant persons’ attention to the latest FATF publication on high-risk jurisdictions.”

Iran, Myanmar and the Democratic People’s Republic of Korea were included in the “black list” as high-risk jurisdictions, with the Government advising parties to apply counter measures and enhanced due diligence measures in accordance with the risks.

The update also included a “grey list” of jurisdictions where parties are recommended to take appropriate actions to minimise risk, including enhanced due diligence.

That list includes Bulgaria, Burkina Faso, Cameroon, Croatia, the Democratic Republic of the Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, Nigeria, the Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam and Yemen.

The update states that jurisdictions on the grey list have committed to resolve deficiencies and are working with the FATF or other regional bodies.

“The FATF calls on these jurisdictions to complete their action plans expeditiously and within the agreed time frames,” the update states. “The FATF welcomes their commitment and will closely monitor their progress.

“The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions. The FATF Standards do not envisage derisking, or cutting-off entire classes of customers, but call for the application of a risk-based approach.

“Therefore, the FATF encourages its members and all jurisdictions to take into account the information presented in their risk analysis.”

• For the full update, visit www.gov.bm/international-sanctions-measures