Sunday, July 06, 2008

BVI FSC Publishes Advisory Warning Based on the FATF Public Statement

On June 9, the BVI Financial Services Commission published the first advisory warning of the year, related to a public statement issued by the Financial Action Task Force (FATF) on 28 February, 2008. In this statement, the international organization noted the deficiencies in the regimes of anti-money laundering and countering terrorism financing (AML/CFT) in Uzbekistan, Iran, Pakistan, Turkmenistan, Sao Tome and Principe and the northern part of Cyprus.

With respect to these jurisdictions, the FATF expressed concern about the risks that remain in all of them and constitute money laundering and financing of terrorism vulnerability in the international financial system. However, the organization noted progress in adopting AML/CFT legislation and improving AML/CFT regime in most of these countries.

In relation to this public statement by FATF on money laundering and terrorist financing risks, the BVI FSC advises the public and all the persons required to comply with the requirements of the Anti-money Laundering Regulations, 2008 and the Anti-money Laundering and Terrorist Financing Code of Practice, 2008, to note the concerns expressed by FATF, and consider the risks that could arise when dealing with customers or transactions involving any of these six jurisdictions.

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