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<p>The Government has not had specific discussions with the Bank of England or Reserve
Bank of Zimbabwe on this issue. The UK does not have any foreign currency controls
in place.</p><p> </p><p>Separately, under the Money Laundering Regulations (MLRs),
regulated entities are required to conduct enhanced due diligence if a transaction
or a business relationship involves a ‘politically exposed person’ such as a Minister
from another country. The MLRs also require that regulated entities conduct enhanced
due diligence on transactions and businesses relationships involving individuals established
in a high risk country. The UK’s High Risk Countries list is specified under the MLRs
and aligns with assessments made by the Financial Action Taskforce, the global anti-money
laundering standard setter.</p><p> </p><p>Where financial institutions are in scope
of the MLRs, they are supervised by the FCA. Where high value dealers are in scope
of the MLRs, they are supervised by HMRC.</p>
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