FATF Public Statement - Public Statement No. 5 of 2015 (17 April 2015)

Summary

This is a notice from the British Virgin Islands Financial Services Commission (FSC) forwarding FATF Public Statement No. 5 of 2015 (issued 27 February 2015), which reaffirms FATF's blacklisting of Iran and North Korea (DPRK) and identifies other jurisdictions with AML/CFT deficiencies. The FSC reproduces the full FATF statements and advises regulated persons to take note of the risks they identify.

• Call for counter-measures: 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 and Myanmar are identified as having strategic AML/CFT deficiencies with insufficient progress, warranting enhanced due diligence.
• Ongoing action plan jurisdictions: Afghanistan, Angola, Guyana, Indonesia, Iraq, Lao PDR, Panama, Papua New Guinea, Sudan, Syria and Yemen have committed to action plans with FATF to address deficiencies.
• Uganda: Identified as not making sufficient progress on its agreed action plan.
• Removed jurisdictions: Albania, Cambodia, Kuwait, Namibia, Nicaragua, Pakistan and Zimbabwe are no longer subject to FATF's ongoing compliance process.

The FSC advises the general public and all persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to consider the risks associated with these jurisdictions and apply appropriate or enhanced customer due diligence when dealing with customers or transactions linked to them.

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 identified jurisdictions (Iran, DPRK, Algeria, Ecuador, Myanmar, and the FATF ongoing-process jurisdictions) and apply appropriate or enhanced customer due diligence when dealing with customers or transactions involving those jurisdictions.

Applies to

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