Notice
FATF Public Statement - Democratic People's Republic of Korea (DPRK) (2019-09-02)
IssuedView on FSC's website Source document
Summary
This is a BVI Financial Services Commission alert reproducing a FATF public statement of 21 June 2019, which reaffirms FATF's blacklisting of Iran and the Democratic People's Republic of Korea (DPRK) as high-risk jurisdictions subject to counter-measures. The FSC uses this notice to remind regulated persons of their existing AML/CFT obligations regarding these jurisdictions.
- Blacklisted jurisdictions: FATF reaffirmed its call for countries to apply counter-measures against Iran and DPRK due to ongoing money laundering and terrorist financing risks.
- Related update: A separate FATF document of the same date lists jurisdictions with strategic deficiencies that have committed to improving their AML/CFT frameworks, including The Bahamas, Botswana, Cambodia, Ethiopia, Ghana, Pakistan, Panama, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
- FSC advisory: Regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 are told to note FATF's concerns and consider related money laundering and terrorist financing risks.
The notice does not itself impose new rules but directs firms to apply appropriate or enhanced customer due diligence when dealing with customers or transactions connected to the named jurisdictions, consistent with existing AML Regulations and Code of Practice obligations.
Key obligations
- Regulated and other persons subject to the AML Regulations, 2008 and the AML/CFT Code of Practice, 2008 must consider the money laundering and terrorist financing risks associated with Iran and DPRK.
- Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving jurisdictions identified in the FATF public statement.
Applies to
regulated persons under the Anti-Money Laundering Regulations, 2008, other persons required to comply with the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008