The Government says that the latest statement by the GSD is “astounding after having had the position explained to them in two separate statements.”

A statement continued: “They simply do not understand due process into these matters which they should have considered before making public statements on the subject.

“Furthermore the position was explained to Mr Bossino again by the GBC Interviewer last week.

“The position is simple. As a matter of law and process, HM Treasury follow the FATF Grey listing fully. There is no discretion  and they add and remove Countries from their high risk categorization, following the FATF listing process.

“It is incredible that Mr Bossino cannot understand this.

“In seeking to cover the errors of his ways, Mr Bossino now seeks to suggest mala fides in Governments position when there has never been anything of the sort.”

“I am at a loss as to the hole that Mr Bossino has dug himself into. The position is clear and as a lawyer he should not need to be told by me or anyone else what these consequences are. The UK adds a Country to its list of high risk countries when it is listed by the FATF or removed. Its automatic. Why did Mr Bossino not know this and make the silly suggestions he has been making?” said Mr Isola.