Monday, August 20, 2012

Commission Publishes Information on FATF Statement's Update

In the end of June, the Financial Action Task Force (FATF) in a public statement reaffirmed the blacklisting of Iran and the Democratic People's Republic of Korea (DPRK). This public statement is an update to the FATF statement previously issued on 22 October 2010, 25 February 2011, 24 June 2011 and 16 February 2012.

The statement updated in June 2012 also listed jurisdictions with strategic anti-money laundering and combating the financing of terrorism deficiencies that have not made sufficient progress in addressing them - Bolivia, Cuba, Ecuador, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, Turkey, Vietnam, and Yemen.

In its turn, in the public statement published on its website, the BVI FSC advised to note the concerns expressed by the FATF with respect to the above named jurisdictions, consider the money laundering and/or terrorist financing risks and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of these jurisdictions.

Friday, August 10, 2012

Premier Writes Message for BVI Art and Culture Show in London

In his written message to the recently held BVI Art and Culture Show and Territory Day Reception in London that was read by Director of the BVI London Office, BVI Premier Hon. Dr. Orlando Smith stated: “My Government is fully aware of our obligations as a Territory and we stand ready to meet our responsibilities under the new partnership.”

He said that the BVI government welcomed the publication of White Paper of the Overseas Territories and is committed to developing further partnership with the United Kingdom. 

The keynote speaker at the event, Deputy Speaker of the House of Commons Mr. Lidsay Hoyle, MP, said: "It is time for a grown up relationship between the United Kingdom and British Virgin Islands. The Overseas Territories should determine their own future and not have it imposed by Britain."