FATF Public Statement - Public Statement No. 2 of 2014 (2014-04-10)

Summary

This is a notice from the BVI Financial Services Commission reproducing FATF's 14 February 2014 public statements identifying jurisdictions with strategic AML/CFT deficiencies. It advises all regulated and other persons subject to the BVI Anti-Money Laundering Regulations, 2008 and the AML/Terrorist Financing Code of Practice, 2008 to note these FATF findings and adjust their risk approach accordingly.

• 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 due to ongoing money laundering and terrorist financing risks.
• Insufficient progress jurisdictions: Algeria, Ecuador, Ethiopia, Indonesia, Myanmar, Pakistan, Syria, Turkey and Yemen were identified as having strategic AML/CFT deficiencies and not having made sufficient progress on their action plans.
• Jurisdictions under ongoing FATF process: Albania, Angola, Argentina, Cuba, Iraq, Kenya, Kuwait, Kyrgyzstan, Lao PDR, Mongolia, Namibia, Nepal, Nicaragua, Papua New Guinea, Sudan, Tajikistan, Tanzania, Uganda and Zimbabwe have committed to action plans with FATF.
• Not making sufficient progress: Afghanistan and Cambodia were identified as not having made sufficient progress on their agreed action plans.
• Removed from process: Antigua and Barbuda, Bangladesh and Vietnam are no longer subject to FATF's ongoing global AML/CFT compliance process.

The notice instructs recipients to consider the money laundering and terrorist financing risks associated with these listed jurisdictions and to apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving them. It does not itself amend the AML Regulations or Code of Practice but directs attention to obligations already imposed under those instruments.

Key obligations

• Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, or the other jurisdictions identified by the FATF statements as having AML/CFT deficiencies.

Applies to

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