FATF Public Statement - Public Statement No. 3 of 2011 (2011-09-09)

Summary

This is a notice from the BVI Financial Services Commission reproducing a FATF public statement of 24 June 2011 (updating earlier statements) identifying jurisdictions with anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies. It advises regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 to take note of the identified risks and apply appropriate due diligence.

• Countermeasures called for: Iran and the Democratic People's Republic of Korea (DPRK) - FATF calls for counter-measures and enhanced scrutiny of business relationships and transactions.
• Insufficient progress jurisdictions: Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey - identified as having strategic AML/CFT deficiencies with insufficient progress on action plans.
• Jurisdictions with action plans (ongoing process): Angola, Antigua & Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Ecuador, Ghana, Honduras, Indonesia, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Nigeria, Pakistan, Paraguay, Philippines, Sudan, Tajikistan, Tanzania, Thailand, Turkmenistan, Trinidad and Tobago, Ukraine, Venezuela, Vietnam, Yemen and Zimbabwe - committed to working with FATF to address deficiencies.
• Other notes: Greece noted as having made significant progress; Sao Tome and Principe noted as not having made sufficient progress on its action plan.

The FSC directs regulated entities and other AML/CFT-obliged persons to consider the money laundering and terrorist financing risks associated with these jurisdictions and to apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving them. The document is informational, reproducing the FATF statements in full, and does not itself impose new regulatory requirements beyond referencing existing AML obligations.

Key obligations

• Regulated and other persons subject to the AML Regulations, 2008 and the AML/TF 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 required to comply with the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008