The Commission is today issuing Instruction Number 02/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2016 issued on 22 March 2016.
Myanmar and Papua New Guinea have been removed from the list of countries and jurisdictions subject to the Instruction. The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with connections to Myanmar and Papua New Guinea.
Details on the reasons for the removal of Myanmar and Papua New Guinea can be found at the end of the list.
In addition to the above the FATF has welcomed Iran’s adoption of, and high-level political commitment to, an Action Plan to address its strategic AML/CFT deficiencies. As a consequence it has suspended counter-measures against Iran for twelve months to provide time for the implementation of the Action Plan. For the purposes of the Instructions, firms remain obliged to apply enhanced due diligence measures to business relationships and occasional transactions with natural and legal persons from Iran.
Copies of Instruction No. 02/2016 can be accessed on the Financial Crime section of the Commission’s website and via the below links:
1 August 2016