FATF Public Statement (2019-12-03)

Summary

This is an alert from the British Virgin Islands Financial Services Commission reproducing a FATF public statement of 18 October 2019 that reaffirms AML/CFT deficiency concerns regarding Iran and the Democratic People's Republic of Korea (DPRK). The FSC uses the notice to remind regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Terrorist Financing Code of Practice, 2008 to take account of these concerns.

• High-risk jurisdictions flagged: Iran and DPRK are identified by FATF as posing ongoing AML/CFT risks requiring heightened attention.
• Jurisdictions under increased monitoring: A separate FATF document (Improving Global AML/CFT Compliance: On-Going Process, also dated 18 October 2019) lists The Bahamas, Botswana, Cambodia, Ghana, Pakistan, Panama, Syria, Trinidad and Tobago, Yemen and Zimbabwe as jurisdictions committed to improving their AML/CFT frameworks.
• Action expected: Regulated and other persons are advised to 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 connected to them.

The notice is informational and references pre-existing regulatory obligations under BVI's AML regime rather than creating new rules; it directs readers to the full FATF statement for further detail.

Key obligations

• Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, or the other jurisdictions named in the FATF statements

Applies to

regulated persons subject to the Anti-Money Laundering Regulations, 2008, persons subject to the Terrorist Financing Code of Practice, 2008, general public and industry practitioners in financial services