FSA does its little bit to help the Middle East
Political instability in any country can result in sudden cash or asset movements out of the jurisdiction.
The FSA's warning that regulated firms must remain vigilant and deploy robust anti-money laundering systems and controls to counter the risks of money laundering and sanctions breaches relating to the current instability in the Middle East certainly has merit. Checks on Politically Exposed Persons (PEPs) is a key consideration; but UK government, the FSA and screening agencies must keep lists of PEPs updated and manageable for regulated firms. If not already planned for this year, firms are well advised to stress test existing AML and STF (sanctions and terrorist finance) systems.