FATF Public Statement - Public Statement No. 16 of 2012 (2012-08-17)

Summary

This is a public notice from the BVI Financial Services Commission reproducing the FATF's Public Statement of 22 June 2012, which reaffirmed calls for counter measures against Iran and the DPRK and identified other jurisdictions with strategic AML/CFT deficiencies. The FSC uses the notice to remind regulated and other persons subject to BVI AML/CFT rules to factor these findings into their risk assessments and due diligence.

• Blacklisted jurisdictions (call for counter measures): Iran and the Democratic People's Republic of Korea (DPRK).
• Jurisdictions with insufficient progress on deficiencies: Bolivia, Cuba, Ecuador, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, Turkey, Vietnam, and Yemen.
• Jurisdictions committed to an action plan (ongoing process): Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Kuwait, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Philippines, Sudan, Tajikistan, Trinidad and Tobago, Venezuela, and Zimbabwe.
• Jurisdiction noted for progress: Turkmenistan, identified for special mention for significant improvement to its AML/CFT regime.
• October 2012 warning: Kenya, Myanmar and Turkey (marked with an asterisk) were warned that if they did not take significant action by October 2012, FATF would call on members to apply proportionate counter measures.

The notice does not itself create new BVI legal requirements beyond directing regulated and other AML/CFT-obliged persons to apply existing enhanced/appropriate customer due diligence measures under the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 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, other persons subject to the Anti-Money Laundering Regulations, 2008, financial institutions

Deadlines

• October 2012: If Kenya, Myanmar, Turkey (and other asterisked jurisdictions) do not take significant action by this date, FATF will call on members to apply proportionate counter measures.