FATF Public Statement - Public Statement No. 4 of 2013 (2013-07-23)

Summary

This is a public notice from the BVI Financial Services Commission reproducing FATF's 21 June 2013 public statements. It flags jurisdictions with strategic anti money laundering and counter terrorist financing (AML/CFT) deficiencies and reminds regulated persons of their existing due diligence obligations under BVI's AML framework when dealing with those jurisdictions.

• Blacklisted (call for counter-measures): Iran and the Democratic People's Republic of Korea (DPRK) remain subject to a FATF call for counter-measures.
• Not sufficiently progressed: Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, Sao Tome and Principe, Syria, Tanzania, Turkey, Vietnam and Yemen are named as having strategic AML/CFT deficiencies with insufficient progress.
• Ongoing process jurisdictions: Afghanistan, Albania, Angola, Argentina, Bangladesh, Cambodia, Cuba, Kuwait, Kyrgyzstan, Lao PDR, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Nigeria, Sudan, Tajikistan and Zimbabwe have committed to action plans with FATF.
• Insufficient progress on action plan: Algeria and Antigua and Barbuda are identified as not having made sufficient progress on their agreed action plans.
• Removed from monitoring: Bolivia, Brunei Darussalam, Philippines, Sri Lanka and Thailand are noted as no longer subject to the FATF ongoing global AML/CFT compliance process.

The FSC advises regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to note these concerns and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving the named jurisdictions. The notice contains no new legal requirements beyond restating existing AML/CFT due diligence obligations in light of the updated FATF list.

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 high-risk 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 subject to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008

Deadlines

• October 2013: If Iran does not take concrete steps to improve its CFT regime, or if Ecuador does not take significant action on its action plan, by October 2013, FATF will consider calling on members to strengthen counter-measures against these jurisdictions.