Monday, December 03, 2012

BVI FSC Updated Public Statements Issued By FATF

The Financial Action Task Force (FATF) issued public statement reaffirming its blacklisting of Iran and the Democratic People’s Republic of Korea. The public statement reproduced in original form on the website of the British Virgin Islands Financial Services Commission was issued as an update for the previous FATF statements.

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

In the currently listed public statement, the BVI FSC advised the general public of the Anti-Money Laundering Regulations and the Anti-Money Laundering and Terrorist Financing Code of Practice to note the concerns expressed by the FATF with respect to the named jurisdictions, when dealing with customers or transactions involving any of the jurisdictions identified by the FATF public statement.

There is also a separate statement issued on the same date and named “Improving Global AML/CFT Compliance: On-Going Process”, where the FATF organization updated statements on some countries that have committed to working with it to improve their AML/CFT frameworks. 

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