In last week’s blog we discussed the CPI, or the Corruption Perceptions Index (CPI) often used by MLROs as a supplementary tool to assist in their understanding of money laundering risks in overseas territories.
There are other tools available to MLROs and senior staff in accountancy firms which can also be of great assistance in assessing whether natural persons or other legal entities are in any way connected to high-risk third countries (HRTC). Applying enhanced due diligence is normally recommended in dealing with such countries.
HRTC is defined as: ‘a country named on either of the following lists published by the Financial Action Task Force as they have effect from time to time—
- High-Risk Jurisdictions subject to a Call for Action;
- (ii) Jurisdictions under Increased Monitoring’
We strongly recommend that accountants access this website on a regular basis (the list changes three times a year) as the current HRTC will change again after the FATF Plenary meeting in February and will change in June and October 2025.
For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:
- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
