Companies should check terrorist financing controls connected to Afghanistan, according to a UK watchdog.
(Reuters)-LONDON, Aug 31 (Reuters)- Following the transition of power in Afghanistan, the Financial Conduct Authority (FCA) of the United Kingdom stated on Tuesday that financial companies should have adequate controls in place to combat the risk of money laundering and terrorist funding.
Taliban militants seized control of the airport in Kabul on Tuesday following the departure of the last U.S. forces,
marking the end of a 20-year conflict.
As the last American soldiers left Kabul earlier this morning, the Pentagon announced that “not a single US soldier was on Afghan territory.” This comes in the wake of the Taliban’s rapid takeover of Afghanistan and a suicide assault that killed 13 US troops. Twenty years ago, the United States began a campaign to‘smoke out’ al Qaeda militants hidden in Afghanistan’s mountains. It later became known as America’s “longest war.” Even after the spectacular arrest of Osama bin Laden, the world’s most wanted terrorist, US troops remained in Afghanistan to assist pro-democracy authorities in administration. Experts, on the other hand, claim that Afghanistan hasn’t changed much in the last two decades. The Taliban have returned to Kabul, and no one is sure what will happen next.
The FCA stated in a statement that “developments in Afghanistan have underlined the ongoing requirement for strong systems and controls that react to evolving risks.”
“When assessing risks linked to specific customers and money flows,
firms should be mindful of the potential effect these events may have on patterns of financial activity.”
Firms regulated by the FCA should ensure they properly monitor and evaluate transactions with Afghanistan to minimize the risks of their business being used to launder money or fund terrorists, the watchdog said.
Sanctions on Afghanistan are already in place, and companies should continue to check their dealings with the country against the UK sanctions list, according to the FCA.
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