FATF Public Statements - October 2021 (2021-10-21)

Summary

This is an alert from the BVI Financial Services Commission notifying industry and the public of two FATF public statements issued on 21 October 2021 that identify jurisdictions with strategic AML/CFT deficiencies. It summarises the FATF's high risk jurisdictions list and the increased monitoring (grey) list, and reminds persons subject to BVI AML/CFT requirements to consider related money laundering and terrorist financing risks.

• High Risk Jurisdictions subject to a Call for Action: Iran and the DPRK remain identified as high risk; the FATF's review process for this list remains paused due to COVID-19, and its call for countermeasures continues to apply per the February 2020 statement.
• Jurisdictions under Increased Monitoring (grey list): 23 countries are listed, including Cayman Islands, Jamaica, Panama, Turkey, Jordan and Mali (newly added since June 2021); Botswana and Mauritius were removed following the June review after demonstrating improvement. No mandatory enhanced due diligence is required for these jurisdictions, but risk consideration is encouraged.
• FSC expectation: Persons subject to the Anti Money Laundering Regulations, 2008 and the Anti Money Laundering and Terrorist Financing Code of Practice, 2008 are advised to note the FATF's concerns and apply appropriate or enhanced customer due diligence when dealing with customers or transactions connected to the named jurisdictions.

This is an informational alert rather than a rule change; it does not itself amend the AML Regulations or Code but flags updated FATF risk information relevant to existing due diligence obligations.

Key obligations

• Apply enhanced due diligence and, in the most serious cases, other countermeasures when dealing with Iran and the DPRK, consistent with the FATF's high risk jurisdictions call for action.
• Consider money laundering and terrorist financing risks associated with the 23 jurisdictions under increased monitoring (grey list) and apply appropriate or enhanced customer due diligence where dealing with customers or transactions connected to 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, general public and industry practitioners in financial services