The "Black List" identifies high-risk jurisdictions, including North Korea, Iran, and Myanmar, which face enhanced due diligence and, in severe cases, countermeasures to safeguard the global financial system.

The "Grey List" includes countries under increased monitoring, such as Algeria, Kenya, and Vietnam, which are actively working to address their AML/CFT shortcomings. Notably, Burkina Faso, Mozambique, Nigeria, and South Africa have been removed from this list, reflecting their significant progress in implementing reforms.

The BVI remains on the grey list; however, the Caribbean Financial Action Task Force (CFATF), in its follow-up report, confirmed that the BVI is now rated as "Compliant" or "Largely Compliant" with all 40 FATF Recommendations.

The CFATF report highlights several key advancements made by the BVI to strengthen its AML/CFT framework. These include:

• Enhanced monitoring and risk-based supervision: Improved oversight of financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) to ensure compliance with AML/CFT standards.
• Beneficial ownership transparency: Better collection and maintenance of accurate and up-to-date beneficial ownership information to prevent misuse of legal entities.
• Increased enforcement powers: The Financial Investigation Agency (FIA) has been granted greater authority to enforce sanctions effectively.

In a press release, the BVI Government welcomed the CFATF's findings, emphasising its commitment to maintaining a transparent and trusted financial services environment.

For more details, explore the FATF’s official publication here, the CFATF’s follow-up report here, and the BVI Government’s press release here.