CFATF Public Statement No. 10 of 2014 (2014-11-05)

Summary

This is a public notice from the BVI Financial Services Commission reproducing a Caribbean Financial Action Task Force (CFATF) statement of 29 May 2014 concerning jurisdictions with strategic AML/CFT deficiencies. It flags Guyana as having failed to make sufficient progress on its CFATF Action Plan, and Belize as having made significant progress though some deficiencies remain.

• Guyana: Identified as posing an ongoing money laundering and terrorist financing risk; CFATF has referred Guyana to the FATF and calls on members to consider further counter measures, such as enhanced due diligence, enhanced reporting, and limiting business relationships.
• Belize: Identified as having made significant progress addressing its AML/CFT deficiencies, though it must continue implementing its Action Plan to resolve remaining issues.
• FSC advisory: The Commission advises all regulated persons and others subject to the Anti-Money Laundering Regulations, 2008 and the AML/CFT Code of Practice, 2008 to note these concerns and assess ML/TF risk when dealing with customers or transactions linked to the named jurisdictions.

The notice does not itself create new legal requirements beyond directing regulated persons to apply appropriate or enhanced customer due diligence where dealings involve Guyana, consistent with existing AML obligations.

Key obligations

• Regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/CFT Code of Practice, 2008 must consider the money laundering and terrorist financing risks associated with Guyana and Belize and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving these jurisdictions.

Applies to

all regulated persons under the Anti-Money Laundering Regulations, 2008, persons required to comply with the AML/CFT Code of Practice, 2008