FATF Public Statement - Public Statement No. 8 of 2013 (2013-11-20)

Summary

This is a notice from the BVI Financial Services Commission reproducing the FATF's 18 October 2013 public statements. It informs regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 about jurisdictions identified by FATF as posing money laundering and terrorist financing risks, and instructs them to factor this into customer due diligence.

• 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 and substantial money laundering and terrorist financing risks.
• Insufficient progress jurisdictions: Algeria, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, Syria, Tanzania, Turkey and Yemen are listed as having strategic AML/CFT deficiencies and not having made sufficient progress on action plans.
• Jurisdictions still under monitoring: Afghanistan, Albania, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Iraq, Kuwait, Kyrgyzstan, Lao PDR, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Vietnam and Zimbabwe have committed to action plans with FATF; Mongolia is noted as not making sufficient progress.
• Jurisdictions removed from monitoring: Morocco and Nigeria are identified as no longer subject to the FATF's ongoing global AML/CFT compliance process.

The FSC directs regulated and other AML/CFT-obligated persons to note these FATF concerns and apply appropriate or enhanced customer due diligence when dealing with customers or transactions connected to the named jurisdictions.

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 jurisdictions named in the FATF statement.
• Such persons must apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, or the other listed high-risk or monitored 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