Public Statement No. 8 of 2013

20 November, 2013

PUBLIC STATEMENT

FATF PUBLIC STATEMENT

Tortola, British Virgin Islands – 20 November, 2013 - On 18 October, 2013 the Financial Action Task Force (FATF) issued a public statement reaffirming its blacklisting of Iran and the Democratic People’s Republic of Korea (DPRK).  The public statement, which is reproduced below and is available in original form on the FATF website, was issued as an update to the FATF statements previously issued on 22 October 2010, 25 February 2011, 24 June 2011, 16 February 2012, 22 June 2012, 19 October 2012, 22 February 2013 and 21 June 2013. 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 addressing such deficiencies. Those jurisdictions are listed as Algeria, Ecuador, Ethiopia, Indonesia, Kenya, Myanmar, Pakistan, Syria, Tanzania, Turkey, and Yemen.

The British Virgin Islands Financial Services Commission (the “FSC”) wishes to advise the general public, including all regulated and other persons who are 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 the FATF with respect to the named jurisdictions and consider the money laundering and/or terrorist financing risks associated and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of the jurisdictions that have been identified by the updated FATF public statement.

In a separate document dated 18 October, 2013 and entitled, “Improving Global AML/CFT Compliance: On-Going Process”, the FATF also made updated statements regarding the following jurisdictions that have committed to working with it to improve their AML/CFT frameworks; namely Afghanistan, Albania, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Iraq, Kuwait, Kyrgyzstan, Lao PDR, Namibia, Nepal, Nicaragua, Sudan, Tajikistan, Vietnam and Zimbabwe. The statement further identifies the jurisdiction Mongolia as having not made sufficient progress in improving its respective AML/CFT regime, and having not made sufficient progress on its action plan agreed upon with the FATF. The statement also identified the jurisdictions of Morocco and Nigeria as being jurisdictions no longer subject to the FATF’s ongoing global AML/CFT compliance process.  

Both FATF statements of 18 October, 2013 are reproduced in full below:

ANNEX 1: FATF PUBLIC STATEMENT

ANNEX 2: IMPROVING GLOBAL AML/CFT COMPLIANCE: ON-GOING PROCESS