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FATF Public Statement- 3 December, 2019



TORTOLA, BRITISH VIRGIN ISLANDS – 3 December 2019 – On 18 October 2019 the Financial Action Task Force (“FATF”) issued a public statement reaffirming its concerns relating to Anti-Money Laundering and Counter Financing of Terrorism deficiencies in 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 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, 21 June 2013, 18 October 2013, 14 February 2014, 27 June 2014, 24 October 2014, 27 February 2015, 26 June 2015, 23 October 2015, 15 March 2016 3 July 2018, 19 October 2018 and 21 June 2019.

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 Terrorist Financing Code of Practice, 2008, to note the concerns express 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 2019 and entitled “Improving Global AML/CFT Compliance:  On-Going Process”, the FATF also made updated statements regarding the following jurisdictions that have been committed to working with them to improve their AML/CFT frameworks; namely The Bahamas, Botswana, Cambodia, Ghana, Pakistan, Panama, Syria, Trinidad and Tobago, Yemen and Zimbabwe. 

Full statement available here

Posting Date:
Wednesday, 4 December, 2019