CFATF Public Statement No. 5 of 2013 (2013-09-12)

Summary

This is a public statement issued by the BVI Financial Services Commission reproducing a CFATF (Caribbean Financial Action Task Force) statement of 30 May 2013 that identifies jurisdictions in the Caribbean Basin region with strategic AML/CFT deficiencies. It is addressed to the general public and to all persons and regulated entities subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008.

• Belize and Guyana: Identified as jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress; if specific steps are not taken by November 2013, CFATF will call on members to consider counter measures and may refer them to the FATF ICRG.
• Dominica: Identified as having made some progress addressing its AML/CFT deficiencies; CFATF recommends Dominica bring into force mechanisms to address deficiencies by November 2013, failing which a further public statement will be issued.
• FSC advisory: The FSC advises regulated and other persons to note CFATF's concerns, consider the money laundering and terrorist financing risks associated with these jurisdictions, and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving them.

The document is informational in nature, alerting industry to jurisdiction-specific AML/CFT risk concerns rather than creating new licensing or filing requirements, but it reinforces existing customer due diligence obligations under the 2008 Regulations and Code of Practice.

Key obligations

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

Applies to

persons regulated under the Anti-Money Laundering Regulations, 2008, persons subject to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008

Deadlines

• November 2013: Deadline referenced in the CFATF statement for Belize to take specific steps or be identified as not taking sufficient action, risking counter measures and FATF ICRG referral
• November 2013: Deadline referenced in the CFATF statement for Guyana to take specific steps or be identified as not taking sufficient action, risking counter measures and FATF ICRG referral
• November 2013: Deadline recommended by CFATF for Dominica to bring into force mechanisms addressing its AML/CFT deficiencies, failing which a further public statement will be issued