Money laundering news 18/11/2009 Iran trade warning on terrorist financing

Iran is one of the countries which present a higher than usual risk of money laundering or terrorist financing crime occurring and trade with Iranian public and private organisations requires a greater duty of vigilance, according to the Treasury.

In a warning to UK firms, it lists Iran, Pakistan, Uzbekistan, Azerbaijan, and Sao Tome and Principe as countries with unsatisfactory money-laundering controls. It also calls on financial firms to halt all business relationships and transactions with Bank Mellat and Islamic Republic of Iran Shipping Lines.

Following concerns by the inter-governmental Financial Action Task Force (FATF), the lack of co-operation by Iran and weaknesses with its anti-money laundering (AML) measures have highlighted the particular dangers, especially where correspondent relationships are involved.

The Treasury notice says FSA-regulated UK businesses should take this advice into account and apply effective countermeasures to protect their financial sectors from risks of infringing anti money laundering regulations emanating from Iran and the other countries by applying customer due diligence and continuing monitoring in any situation which can present a higher risk of money laundering or terrorist financing.

News « Lack of AML controls sparks Iran trade warning

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