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FATF Public Statements - February 2020

 

The Financial Action Task Force (“FATF”) is the global standard-setting body that promotes measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF regularly issues public statements identifying jurisdictions with strategic deficiencies in their anti-money laundering and counter financing of terrorism (AML/CFT) regimes.  On 21 February 2020, FATF issued two public statements:

  1. “High-Risk Jurisdictions subject to a Call for Action”; and
  2.  “Jurisdictions under Increased Monitoring”. 

The key matters within these statements are as follows:

High-Risk Jurisdictions subject to a Call for Action

The FATF, in this public statement, underscored its continued concern for the Democratic People’s Republic of Korea’s (“DPRK”) failure to address the significant deficiencies in its AML/CFT regime. The public statement also noted Iran’s failure to address its strategic AML/CFT deficiencies.

The British Virgin Islands Financial Services Commission (“FSC”) wishes to advise the general public, including all 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.  The FSC encourages all to apply appropriate or enhanced customer due diligence measures when dealing with customers or handling transactions connected with any of the jurisdictions that have been identified by the FATF’s public statement.

Jurisdictions under Increased Monitoring

This public statement presents a brief on 18 countries that are under and subject to increased examination, otherwise referred to as a ‘grey list.’  These countries have committed to work within FATF timeframes, to fully attend to any strategic deficiencies within their administrations. Countries on this list are:

Albania Mongolia
The Bahamas Myanmar
Barbados Nicaragua
Botswana Pakistan
Cambodia Panama
Ghana Syria
Iceland Uganda
Jamaica Yemen
Mauritius Zimbabwe

Both FATF Statements of 21 February 2020 are reproduced in full here.

 

Action Date:
Friday, 21 February, 2020
Posting Date:
Tuesday, 3 March, 2020
Category: