FATF Public Statements - October 2020 (2020-10-23)

Summary

This is a notice from the BVI Financial Services Commission relaying an FATF public statement of 23 October 2020 identifying jurisdictions under increased monitoring for strategic AML/CFT deficiencies. It is informational, alerting persons subject to BVI AML/CFT requirements to be aware of the listed jurisdictions when conducting risk analysis.

• Source statement: FATF's 23 October 2020 statement titled Jurisdictions under Increased Monitoring lists sixteen jurisdictions that have committed to work with FATF to resolve identified strategic AML/CFT/PF deficiencies.
• Listed jurisdictions: Albania, Myanmar, The Bahamas, Nicaragua, Barbados, Pakistan, Botswana, Panama, Cambodia, Syria, Ghana, Uganda, Jamaica, Yemen, Mauritius, Zimbabwe.
• No mandatory enhanced due diligence: FATF does not require enhanced due diligence for these jurisdictions but encourages taking the information into account in risk analysis.

The FSC directs this advisory to all persons required to comply with the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, asking them to note FATF's concerns and factor the associated risks into their own risk assessments.

Key obligations

• Persons subject to the Anti-Money Laundering Regulations, 2008 and the AML/TF Code of Practice, 2008 should consider the money laundering, terrorist financing, and proliferation financing risks associated with the sixteen listed jurisdictions as part of their risk analysis.

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