FATF Public Statement - Public Statement No. 11 of 2014 (5 November 2014)

Summary

This is a public notice issued by the BVI Financial Services Commission reproducing two FATF statements from 24 October 2014. It flags jurisdictions with money laundering and terrorist financing risks and calls on regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 to take these risks into account.

• Countermeasures jurisdictions: Iran and the Democratic People's Republic of Korea (DPRK) remain subject to a FATF call for members to apply counter-measures and enhanced due diligence.
• Insufficient progress jurisdictions: Algeria, Ecuador, Indonesia and Myanmar are named as having strategic AML/CFT deficiencies and not having made sufficient progress on their action plans; enhanced scrutiny of related risks is expected.
• Ongoing monitoring jurisdictions: Afghanistan, Albania, Angola, Cambodia, Guyana, Iraq, Kuwait, Lao PDR, Namibia, Nicaragua, Pakistan, Panama, Papua New Guinea, Sudan, Syria, Uganda, Yemen and Zimbabwe have committed to action plans with the FATF and remain under its ongoing compliance process.
• Jurisdictions removed from monitoring: Argentina, Cuba, Ethiopia, Tajikistan and Turkey are identified as no longer subject to the FATF's ongoing global AML/CFT compliance process.

The FSC directs regulated and other persons to note the FATF's concerns and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving any of the named higher-risk jurisdictions. No new rules, fees, or filing requirements are introduced; the notice is informational, drawing attention to FATF findings and urging risk-based vigilance.

Key obligations

• Regulated and other persons subject to the AML Regulations, 2008 and AML/TF Code of Practice, 2008 should apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, Algeria, Ecuador, Indonesia or Myanmar.

Applies to

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