FATF Public Statement - Public Statement No. 19 of 2012 (28 November, 2012)

Summary

This is a 2012 public notice from the BVI Financial Services Commission reproducing FATF's 19 October 2012 public statement on jurisdictions with anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. It advises regulated and other persons who must comply with the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 to note the identified jurisdictions and apply appropriate risk-based measures.

• 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 and enhanced scrutiny.
• Insufficient progress jurisdictions: Bolivia, Cuba, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, Turkey, Vietnam and Yemen are identified as having strategic AML/CFT deficiencies without sufficient progress.
• Jurisdictions with action plans: Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Ghana, Kuwait, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Philippines, Sudan, Tajikistan and Venezuela have committed to action plans with FATF.
• Special mentions: Trinidad and Tobago is noted for significant progress; Nicaragua and Zimbabwe are noted for insufficient progress on agreed action plans.
• Required response: The FSC asks the public and regulated persons to consider ML/TF risks associated with these jurisdictions and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving them.

The notice is informational in nature, reproducing the FATF statement and its annexes, and does not itself create new regulations, but it operationalises the existing obligation under the AML Regulations and Code of Practice to apply risk-based and enhanced due diligence.

Key obligations

• Regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 must consider the money laundering and terrorist financing risks associated with the named jurisdictions.
• Regulated and other persons must apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of the jurisdictions identified in the FATF public statement, particularly Iran and DPRK.

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, general public

Deadlines

• February 2013: FATF stated it will consider calling on members to strengthen counter-measures against Iran in February 2013 if Iran fails to take concrete steps to improve its CFT regime.