The Commission is today issuing Instruction Number 04/2015 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 03/2015 issued on 16 July 2015.
Ecuador and Sudan have been removed from the list of countries and jurisdictions subject to the Instruction. In addition, Algeria and Iraq have now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may apply a risk based approach to relationships with a connection to Algeria and Iraq rather than having to apply a mandatory high risk designation to such a relationship. The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with Algerian, Ecuadorian, Iraqi, Libyan, Sudanese and Syrian connections.
Details on the reasons for the removal of Ecuador and Sudan can be found at the end of section B.
Copies of Instruction No. 04/2015 can be accessed on the FC&A section of the Commission’s website and via the below links:
19 November 2015