CFATF Public Statement - Public Statement No. 1 of 2014 (2014-01-14)

Summary

This is a BVI FSC notice reproducing a CFATF public statement (20 November 2013) that identifies Caribbean jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies. The FSC uses this notice to alert regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 about the risks associated with these jurisdictions.

• Belize and Guyana: Identified as jurisdictions with strategic AML/CFT deficiencies that have not made sufficient progress; CFATF members are called upon to consider implementing counter measures against these jurisdictions.
• Dominica: Identified as a jurisdiction with AML/CFT deficiencies that has made some progress in addressing them, though reforms are not yet complete.
• FSC advisory: Regulated and other persons subject to BVI AML/CFT requirements are advised to note the CFATF concerns and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving Belize, Guyana, or Dominica.

The notice is informational, updating an earlier CFATF public statement issued 30 May 2013, and does not itself create new legal obligations beyond the existing AML/CFT regulatory framework; it directs firms to apply risk based, and where appropriate enhanced, due diligence to the named higher risk jurisdictions.

Key obligations

• Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Belize, Guyana, or Dominica, given their identified AML/CFT deficiencies.

Applies to

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