FATF Public Statement - Public Statement No. 8 of 2015 (20 August 2015)

Summary

This is a BVI FSC public notice reproducing two FATF statements issued on 26 June 2015 that update the list of jurisdictions with strategic AML/CFT deficiencies. The FSC uses the notice to alert BVI regulated and other persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/Terrorist Financing Code of Practice, 2008 to these FATF findings so they can adjust their risk assessments and customer due diligence accordingly.

• Call for counter-measures: Iran and the Democratic People's Republic of Korea (DPRK) remain subject to FATF calls for members to apply counter-measures and enhanced scrutiny to business relationships and transactions, including correspondent relationships and branch/subsidiary requests.
• Deficient, insufficient progress: Algeria and Myanmar are named as having strategic AML/CFT deficiencies with insufficient progress; Iraq is likewise named as not having made sufficient progress on its FATF action plan.
• Jurisdictions with action plans: Afghanistan, Angola, Bosnia and Herzegovina, Ecuador, Guyana, Lao PDR, Panama, Papua New Guinea, Sudan, Syria, Uganda and Yemen have committed to action plans with FATF to address deficiencies.
• Removed from process: Indonesia is identified as no longer subject to the FATF's ongoing global AML/CFT compliance process.

The notice does not itself amend BVI legislation; it directs regulated persons to take the FATF findings into account when assessing money laundering and terrorist financing risk for customers or transactions connected to the listed jurisdictions.

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 jurisdictions named in the FATF statements
• Apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving Iran, DPRK, Algeria, Myanmar, Iraq, or the other jurisdictions identified in the FATF statements

Applies to

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