Wednesday, February 13, 2008

BVI FSC Holds Seminar on New Anti-Money Laundering Measures

The newly adopted anti-money laundering/countering the financing of terrorism (AML/CFT) regime, which was passed in the House of Assembly a week ago, extends coverage of anti-money laundering measures to dealers in high-end goods.

The changes are based on the recommendations of the global standard setting institution, - Financial Action Task Force (FATF), - to extend the legislation to cover the non-financial industry. The FATF's 40 recommendations on money laundering, including additional nine recommendations against terrorism financing were taken as the guiding principles of the new legislation. The new law will make mandatory money transfer companies to get information on the source of the funds and the background of the sender.

The delegation from the BVI Financial Services Commission (FSC) on January 31 held a public seminar on the new legislation regime on anti-money laundering that finally brought together jewelers, money transmitters, car dealers, real estate agents, lawyers and accountants of all the areas that were not covered under the old anti-money laundering regime but will be covered under the new regime.

Cherno Jallow, Director of Policy, Research and Statistics at the Financial Services Commission, said in his comments: “This is something we are required to do internationally…It is important that the legitimate structures of this country are not used or abused for purposes that are incompatible with established standards.”

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