FATF Public Statement - Advisory Warning No. 1 of 2010 (2010-03-31)

Summary

This is an advisory issued by the BVI Financial Services Commission reproducing two FATF public statements dated 18 February 2010 concerning jurisdictions with anti money laundering and counter terrorist financing (AML/CFT) deficiencies. It does not create new BVI rules but directs regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 to factor these FATF findings into their risk assessments and due diligence.

• Countermeasures jurisdiction: Iran - FATF calls on members to apply effective counter measures due to ongoing and substantial ML/TF risks.
• Non-cooperative jurisdictions: Angola, Democratic People's Republic of Korea, Ecuador and Ethiopia - have strategic AML/CFT deficiencies and (except Ecuador) have not committed to an action plan with FATF.
• Previously identified, unresolved: Pakistan, Turkmenistan and Sao Tome and Principe - deficiencies from earlier statements remain unaddressed.
• Action plan jurisdictions (ongoing process): Antigua and Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Paraguay, Qatar, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Thailand, Turkey, Ukraine and Yemen - have made high-level political commitments to address identified strategic deficiencies.

The FSC advises applying appropriate or enhanced customer due diligence when dealing with customers or transactions involving any of the five higher-risk jurisdictions named in the first statement (Iran, Angola, Uzbekistan, Turkmenistan and Pakistan), and to note the concerns raised regarding the other listed jurisdictions in the ongoing compliance process statement.

Key obligations

• Regulated and other persons subject to the AML Regulations 2008 and AML/TF Code of Practice 2008 must consider the money laundering and terrorist financing risks associated with Iran, Angola, Uzbekistan, Turkmenistan and Pakistan
• Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of the five identified higher risk jurisdictions

Applies to

all regulated persons, persons required to comply with the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008