Attorney General and Justice Minister Kim Wilson has sounded a warning on inadequate anti-money laundering and terrorist financing in Iran and North Korea.

Senator Wilson's advisory, issued on Friday, referred to the findings of the Financial Action Task Force (FATF), an inter-governmental body established by the G7 countries.

Without announcing any ban on business with the countries named, Sen. Wilson said the advisory was "especially relevant to those entities that have or are considering any business relationships with the specified jurisdictions" with companies or individuals.

Sen. Wilson said the advice had come out of the FATF's plenary meeting held in June.

In January this year, Bermuda-based companies were banned from conducting business with the Iranian Bank Mallat and the Islamic Republic of Iran Shipping Lines.

Besides Iran and North Korea, other countries with inadequate AML/ATF regimes were identified, with the difference being that these countries had committed to an action plan to address the deficiencies.

Included in this list are Angola, Ecuador, Ethiopia, Pakistan and Turkmenistan.

The FATF has also called on several others to implement action plans. These include: Antigua and Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Paraguay, Qatar, Sri Lanka, Sudan, Syria, Thailand, Trinidad and Tobago, Turkey, Ukraine and Yemen.