FATF Public Statement - Public Statement No. 1 of 2012 (2012-02-29)

Summary

This is a public notice from the BVI Financial Services Commission reproducing the FATF's 16 February 2012 statements identifying jurisdictions with anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies. It updates earlier FATF statements from October 2010, February 2011 and June 2011 and advises regulated and other persons subject to the BVI Anti-Money Laundering Regulations, 2008 and the AML/CFT Code of Practice, 2008 to take note of the risks associated with the listed jurisdictions.

• Countermeasures jurisdictions: Iran and the Democratic People's Republic of Korea (DPRK) remain subject to a FATF call for members to apply counter-measures due to ongoing money laundering and terrorist financing risks.
• Deficient jurisdictions (insufficient progress): Bolivia, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand and Turkey are named as having strategic AML/CFT deficiencies with insufficient progress.
• Jurisdictions committed to an action plan: Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Turkmenistan, Trinidad and Tobago, Venezuela and Zimbabwe are noted as working with FATF to improve their frameworks.
• Jurisdictions with significant progress: Honduras and Paraguay are recognised as having made significant progress improving their AML/CFT regimes.
• Jurisdictions failing to implement action plans: Ecuador, Philippines, Vietnam and Yemen are identified as not making sufficient progress implementing their AML/CFT action plans.

The FSC's advisory does not create new rules but directs regulated entities and other AML/CFT-obliged persons to factor these FATF findings into their risk assessments and customer due diligence practices when dealing with the named jurisdictions.

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 the jurisdictions named in the FATF statement.
• Such persons must apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, or the other listed jurisdictions.

Applies to

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