FATF Public Statement - Public Statement No. 1 of 2011 (2011-04-20)

Summary

This is a public notice from the BVI Financial Services Commission reproducing two FATF statements issued on 25 February 2011: one reaffirming FATF's call for counter-measures against Iran and the Democratic People's Republic of Korea (DPRK) due to their AML/CFT deficiencies, and a second listing jurisdictions that have committed to FATF action plans to address strategic AML/CFT weaknesses.

• Blacklisted jurisdictions: Iran and the Democratic People's Republic of Korea are named as posing ongoing money laundering and terrorist financing risks warranting counter-measures and enhanced scrutiny.
• Jurisdictions under FATF action plans: Angola, Antigua & Barbuda, Bangladesh, Bolivia, Ecuador, Ethiopia, Ghana, Greece, Honduras, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Pakistan, Paraguay, Philippines, São Tomé and Príncipe, Sri Lanka, Sudan, Syria, Tanzania, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, Ukraine, Venezuela, Vietnam and Yemen are noted as working with FATF to remedy identified strategic AML/CFT deficiencies.
• FSC advisory: The Commission advises all persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/CFT Code of Practice, 2008 to note these FATF concerns and factor them into risk assessments.

The notice is informational and risk-advisory rather than a standalone rulemaking; it directs regulated persons to apply appropriate or enhanced customer due diligence when dealing with customers or transactions connected to Iran or the DPRK, 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 Iran and the DPRK and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving those jurisdictions.

Applies to

persons regulated under the Anti-Money Laundering Regulations, 2008, persons subject to the AML/CFT Code of Practice, 2008, financial institutions