FATF Public Statement - Public Statement No. 1 of 2013 (2013-03-13)

Summary

This is a public notice in which the BVI Financial Services Commission reproduces and draws attention to a Financial Action Task Force (FATF) statement of 22 February 2013 that reaffirms counter measures against Iran and North Korea (DPRK) and identifies other jurisdictions with strategic anti money laundering and counter terrorist financing (AML/CFT) deficiencies. It also reproduces the related FATF document on jurisdictions still working with FATF to improve their AML/CFT frameworks.

• Counter measures jurisdictions: Iran and the Democratic People's Republic of Korea (DPRK) remain subject to a FATF call for members to apply counter measures.
• Insufficient progress jurisdictions: Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Syria, Tanzania, Thailand, Turkey, Vietnam and Yemen are named as having strategic AML/CFT deficiencies with insufficient progress.
• Jurisdictions working with FATF: Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Bolivia, Brunei Darussalam, Cambodia, Cuba, Kuwait, Kyrgyzstan, Mongolia, Namibia, Nepal, Nicaragua, Philippines, Sri Lanka, Sudan, Thailand and Zimbabwe have committed to action plans with FATF.
• Further insufficient progress: Morocco and Tajikistan are identified as not having made sufficient progress on their agreed action plans.
• Removed jurisdictions: Ghana and Venezuela are noted as no longer subject to the FATF's ongoing global AML/CFT compliance process.

The FSC advises all regulated persons and others subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to take note of these FATF concerns and to factor the associated money laundering and terrorist financing risks into their customer due diligence practices when dealing with customers or transactions connected to the named jurisdictions.

Key obligations

• Regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 must consider the money laundering and terrorist financing risks associated with the named jurisdictions and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving those jurisdictions.

Applies to

regulated persons under the Anti-Money Laundering Regulations, 2008, persons subject to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008