Monday, January 17, 2011

BVI FSC Informed on the Update of FATF Public Statement

In December of the last year, the British Virgin Islands Financial Services Commission published information on the update of the FATF public statement which was issued on 18 February, 2010. On 22 October, 2010, the Financial Action Task Force (FATF) reaffirmed the blacklisting of Iran and North Korea. The BVI FSC advised the public to note the concerns with respect of these jurisdictions, and consider the money laundering and terrorist financing risks associated with them. When dealing with either North Korea or Iran businesses or customers, general public members are advised to apply appropriate or enhanced customer due diligence measures.

The same day of October, FATF published another statement under the name “Improving Global AML/CFT Compliance: Update On-Going Process”, providing updated statements on the jurisdictions that have committed to improve their AML/CFT frameworks.

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