MONEYVAL Public Statement - Public Statement No. 9 of 2014 (2014-11-05)

Summary

This is a public notice from the BVI Financial Services Commission reproducing a MONEYVAL public statement of 19 September 2014 concerning Bosnia and Herzegovina's continued failure to remedy strategic AML/CFT deficiencies first identified in December 2010. The FSC uses this notice to alert regulated entities and other AML/CFT-obliged persons in the BVI to the ongoing risk and to remind them of their due diligence obligations when dealing with that jurisdiction.

• Background: MONEYVAL adopted the statement under Step 3 of its Compliance Enhancing Procedures, updating a prior statement of 1 June 2014, after Bosnia and Herzegovina failed to fully implement its 2011 action plan, including required amendments to its Criminal Code.
• FSC advisory: The FSC advises the general public and all persons required to comply with the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to note MONEYVAL's concerns about Bosnia and Herzegovina.
• Required action: Regulated and other AML/CFT-obliged persons should assess money laundering and terrorist financing risks and apply appropriate or enhanced customer due diligence measures for customers or transactions connected to Bosnia and Herzegovina.

The notice is informational and risk-advisory in nature, reiterating existing statutory due diligence duties rather than creating new regulatory requirements or deadlines.

Key obligations

• Regulated and other AML/CFT-obliged persons must consider the money laundering and terrorist financing risks associated with Bosnia and Herzegovina and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving that jurisdiction.

Applies to

all regulated persons, 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