Regulatory Alerts2014-07-04
Added · Updated
HKMA Circular on FATF Statements Regarding High-Risk Jurisdictions
The Hong Kong Monetary Authority informed authorized institutions that the Financial Action Task Force identified jurisdictions with unsatisfactory anti-money laundering and counter-terrorist financing regimes. The circular mandates enhanced due diligence and counter-measures for transactions involving Iran and the Democratic People’s Republic of Korea, while requiring increased scrutiny for Algeria, Ecuador, Indonesia, and Myanmar. Additionally, the document references FATF updates on jurisdictions with action plans and outcomes from the June 2014 Plenary Meeting regarding virtual currencies and other typologies.