News

CFATF Public Statement - Public Statement No. 6 of 2017 (7 July 2017)

PUBLIC STATEMENT

CFATF PUBLIC STATEMENT

 On 31 May, 2016 the Caribbean Financial Action Task Force (CFATF) issued a public statement identifying Haiti as a jurisdiction with strategic AML/CFT deficiencies that has made significant progress in addressing the deficiencies that the CFATF had identified. The public statement, which is reproduced below and is available in original form on the CFATF website, was issued as an update to the CFATF statements previously issued in November 2015, June 2016 and November 2016. The updated statement also identified Suriname as a jurisdiction no longer subject to the CFATF-ICRG review process having made significant progress in addressing the deficiencies identified during the Third round of Mutual Evaluations and that have successfully exited the follow-up process.

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 CFATF 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 CFATF public statement.

The CFATF statement of 31 May, 2017 is reproduced in full below:

ANNEX 1: CFATF PUBLIC STATEMENT

CFATF PUBLIC STATEMENT – 31 May 2017

Port of Spain, Trinidad and Tobago, May 31 2017 - The Caribbean Financial Action Task Force (CFATF) is an organisation comprised of twenty-five jurisdictions of the Caribbean Basin Region, which have agreed to implement the international standards for Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT), the Financial Action Task Force Recommendations (FATF Recommendations) in order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the CFATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdiction with strategic AML/CFT deficiencies that has made significant progress in addressing its deficiencies.

Haiti

The CFATF acknowledges the significant progress made by Haiti in improving its AML/CFT regime since the last plenary held in Providenciales, Turks and Caicos Islands in November 2016 and notes that Haiti has substantially improved its Core and Key Recommendations and its legal and regulatory framework to meet its commitments in its agreed Action Plan regarding the strategic deficiencies that the CFATF had identified. As at 31st of May 2017, Haiti reported back to the CFATF plenary held in Trinidad and Tobago on their progress in respect of its Action Plan and demonstrated significant legislative and non-legislative progress that includes the enactment and bringing into force of amendments to the 2013 law sanctioning money laundering and terrorist financing and the organic law of UCREF; the issuance of the UCREF guidelines and the conducting of training and sensitization for the relevant reporting entities in relation to those guidelines. Haiti is encouraged to continue the reform process and demonstrate further progress by the November 2017 Plenary for the outstanding deficiencies. Haiti and the CFATF should continue to work together to ensure that its Action Plan is fully implemented. 

Jurisdiction no longer subject to the CFATF-ICRG review process.

Suriname

Suriname was placed in the CFATF’s ICRG process in 2012 and was publicly listed by the CFATF. Since the adoption of its action plan, Suriname has established the legal and regulatory framework to meet its commitments in its agreed Action Plan regarding the strategic deficiencies that the CFATF had identified. Having made significant progress in improving its AML/CFT regime and adequately addressing the key AML/CFT deficiencies identified, the CFATF Plenary of May 2017 agreed that Suriname be removed from the CFATF ICRG process and therefore Suriname is no longer subject to monitoring by CFATF ICRG.

Jurisdiction exiting the Third Round of Mutual Evaluations.

Suriname

The CFATF XLV Plenary recognised that Suriname had made significant progress in addressing the deficiencies identified in their 2009 Mutual Evaluation Report and therefore could exit the follow-up process. Suriname’s 11th Follow-Up Report, which was presented at the May 2017 Plenary contains a detailed description and analysis of the actions taken by Suriname to rectify the deficiencies identified in respect of the Core and Key Recommendations rated PC or NC, as well as a summary of progress in other Recommendations, in the 2009 Mutual Evaluation Report. Suriname, through legislative and administrative actions, has taken the necessary steps to close all the major gaps in its AML/CFT infrastructure. Therefore the CFATF encourages Suriname to continue their progress and ensuring that they are fully prepared for their 4th Round Mutual Evaluation.

The following is a link to the CFATF website at https://www.cfatf-gafic.org for the updated CFATF Public Statement, dated 31 May, 2017: 

https://www.cfatf-gafic.org/index.php/home/public-statements

  

British Virgin Islands Financial Services Commission

Pasea Estate, Tortola, British Virgin Islands

Telephone: (284) 494-4190

Facsimile: (284) 494-5016

E-mail: commissioner@bvifsc.vg

Website: www.bvifsc.vg

Hours: Monday - Friday 8:30 a.m. - 4:30 p.m.

Actions: E-mail | Permalink |

Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg