Advisory issued on poor financial controls
Attorney-General and Minister of Legal Affairs Trevor Moniz has issued an advisory about the risks arising from inadequate systems and controls to combat money laundering and terrorist financing.
The Financial Action Task Force and the Caribbean Financial Action Task Force issued details on these risks in statements which were released following their respective Plenaries held in June.
Mr Moniz noted that the advice is particularly relevant to those entities that have or are considering any business relationships with the specified jurisdictions or individuals or corporate entities in such jurisdictions.
The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 require AML/ATF regulated financial institutions and other relevant persons to have policies, procedures or systems in place to prevent money laundering or terrorist financing.
Under the regulations, relevant individuals are also required to apply enhanced customer due diligence measures and/or ongoing monitoring on a risk-sensitive basis.
• To see the full advisory, click on the PDF under “Related Media”.
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