BVI Regulator updates on FATF’s recent public statements
On 24 February 2023, the Financial Action Task Force (FATF) released its recent public statements identifying jurisdictions that have strategic deficiencies in their anti-money laundering and counter-financing of terrorism (AML/CFT) regimes. In this respect, the British Virgin Islands Financial Services Commission (the BVI FSC) has issued an advisory to these statements.
The BVI FSC is requesting individuals who are required to comply with the guidelines outlined in the Anti-Money Laundering Regulations, 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 to take note of the FATF's expressed concerns regarding the stated jurisdictions and carefully consider the associated risks of money laundering, terrorist financing, and/or proliferation financing.
In response to the FATF's increased monitoring of certain jurisdictions, it is important to implement appropriate due diligence measures when dealing with customers or handling transactions related to those jurisdictions. This includes applying enhanced customer due diligence and other countermeasures to protect the international financial system from potential risks. Furthermore, it is advisable to continually monitor the transactions of clients who are based in or doing business with any of the jurisdictions identified in the FATF's public statements, in order to identify any changes that may necessitate an adjustment in the due diligence measures being employed.
The latest FATF public statement notifications identifying the countries under increased monitoring and those subject to a call for action by the FATF can be found on the BVI FSC website, here.