FATF Public Statements - February 2020 (2020-02-21)

Summary

This is an alert from the BVI Financial Services Commission (FSC) relaying two FATF public statements issued on 21 February 2020: one identifying high-risk jurisdictions subject to a call for action, and one identifying jurisdictions under increased monitoring (the grey list). The FSC uses this alert to remind persons subject to BVI AML/CFT obligations to take account of these FATF findings when assessing money laundering and terrorist financing risk.

• High-risk jurisdictions (call for action): Democratic People's Republic of Korea (DPRK) and Iran, due to unaddressed strategic AML/CFT deficiencies.
• Jurisdictions under increased monitoring (grey list): Albania, Mongolia, The Bahamas, Myanmar, Barbados, Nicaragua, Botswana, Pakistan, Cambodia, Panama, Ghana, Syria, Iceland, Uganda, Jamaica, Yemen, Mauritius and Zimbabwe.
• FSC guidance: Persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 should consider the ML/TF risks associated with these jurisdictions and apply appropriate or enhanced customer due diligence when dealing with customers or transactions connected to them.

The alert does not create new rules itself but operates as a risk-awareness notice tied to existing AML/CFT customer due diligence obligations; the full FATF statements are referenced as reproduced in full via a linked source.

Key obligations

• Persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 should consider the money laundering and terrorist financing risks associated with the named high-risk and increased-monitoring jurisdictions.
• Apply appropriate or enhanced customer due diligence measures when dealing with customers or handling transactions connected with jurisdictions identified in the FATF public statements.

Applies to

persons required to comply with the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, regulated entities generally subject to BVI AML/CFT requirements