Monday, December 24, 2007

BVI FSC publishes FATF recommendations

On Deceber 14, 2007, two important documents were published by the BVI Financial Services Commission. These documents are nothing new in the world of anti-money laundering, however, publishing them signifies the commitment of the British Virgin Islands to this world-scale problem.

The documents are the Financial Action Task Force on Money Laundering (FATF) recommendations that are often treated as number-one anti-money laundering guidelines by many respectable sources and bodies.

The 1st document is the FATF 40 Recommendations, it was worked out by the FATF as a complete set of anti-money laundering measures in 2003. The recommendations cover the financial system and its regulation, the criminal justice system and law enforcement, as well as international co-operation as regards money laundering.

The 2nd document is published by the BVI FSC is the FATF Special 9 Recommendations, which includes additional special recommendations on terrorist financing added by the Commission in 2004.

It is worth noting that the FATF recommendations were published just days after the Seminar on Anti-Money Laundering/Countering the Financing of Terrorism was postponed by the BVI FSC.

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