Wednesday, September 21, 2011

BVI FSC Informs on New FATF Public Statement

The British Virgin Islands Financial Services Commission has published on the home page a Public Statement of the Financial Action Task Force (FATF), which was issued as an update to the FATF statements previously issued in October, 2010, and in February, 2011. The updated statement identified jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in addressing these issues. These are Bolivia, Cuba, Ethiopia, Kenya, Myanmar, Sri Lanka, Syria and Turkey.

The Commission advised the public to note the concerns expressed by the FATF with respect to the named jurisdictions, and consider the money laundering and/or terrorist financing risks associated and apply appropriate due diligence measures when dealing with customers or transactions involving any of these jurisdictions.

There was also a separate document published by the FATF and named “Improving Global AML/CFT Compliance: On-Going Process”, with the updated statements regarding certain jurisdictions that have committed to improve their AML/CFT frameworks. Among other jurisdictions, the statement identifies Greece as having made significant progress in improving its AML/CFT regime.

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