The Attorney General ('AG') and Minister of Legal Affairs, Kathy Lynn Simmons, issued, on 22 March 2018, a ministerial advisory on the requirement to apply enhanced due diligence for higher risk jurisdictions for purposes of anti-money laundering and anti-terrorist financing ('AML/ATF') ('the Advisory').

The Advisory replaces the AG's previous guidance on the subject and instructs AML/ATF regulated financial institutions, independent professionals, casino operators, dealers in high value goods registered with the Financial Intelligence Agency, real estate brokers and real estate agents to consider the Democratic People's Republic of Korea high risk and apply counter measures and enhanced due diligence measures in accordance with the risks; to consider Iran as high risk and apply enhanced due diligence measures in accordance with the risks; and to take appropriate actions to minimise the associated risks, which may include enhanced due diligence measures in high risk situations regarding Ethiopia, Iraq, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.

The Advisory also notes that since a large number of jurisdictions have not yet been reviewed by the Financial Action Task Force, the list of high risk countries is not exhaustive in terms of jurisdictions that should be considered by relevant persons to present a higher risk of money laundering or terrorist financing. 

You can read the Advisory here.