Public Notice FATF PUBLIC STATEMENTS
The Financial Action Task Force (FATF) is an inter-governmental policy making body whose objectives is to set anti-money laundering and combating the financing of terrorism (AML/CFT) standards and to promote effective implementation of legal, regulatory and operational measures to combat AML/CFT and other threats to the integrity of the global financial system. The FATF produces two public documents which are issued three times a year. These public documents are the FATF Public Statement and the document, Improving Global AML/CFT Compliance: Ongoing Process. On October 23, 2015 The Financial Action Task Force (FATF) issued a “FATF Public Statement” identifying jurisdictions that have strategic deficiencies. The Public Statement also reaffirms its call on its members and other jurisdictions to apply appropriate countermeasures to protect the international financial system from the on-going and substantial money laundering and terrorist financing risks emanating from Iran and the Democratic People’s Republic of Korea (DPRK). A copy of the FATF Public Statement can be accessed by link: http://www.fatfgafi.org/publications/high-riskandnon-cooperativejurisdictions/documents/public-statementoctober-2015.html The updated statement also identified Myanmar as a jurisdiction with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the FATF to address the deficiencies. The Commission 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 and Prevention of Terrorist Financing Regulations, 2010 (as amended) and the Anti-Money Laundering and Prevention of Terrorist Financing Code 2011, 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 with each jurisdiction 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 October 23, 2015 FATF Public Statement.
The FATF document, “Improving Global AML/CFT Compliance: On-Going Process”, issued on October 23, 2015 updates the previous statement of the same name issued in relation to jurisdictions that have committed to working with the FATF to improve their AML/CFT frameworks. These jurisdictions are Afghanistan, Algeria, Angola, Bosnia and Herzegovina, Iraq, Guyana, Panama, Papua New Guinea, Syria, Uganda and Yemen. It further notes that Ecuador and Sudan are no longer subject to the FATF’s On-going AML/CFT Compliance Process. However the FATF is not satisfied that Lao PDR is not making sufficient progress and may be subject to additional measures. A copy of the FATF Compliance Statement, “Improving Global AML/CFT Compliance: On-Going Process” can be accessed by link: http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-october2015.html On November 25, 2015, The Caribbean Financial Action Task Force (CFATF) issued Public Statement identifying Suriname as having significant strategic deficiencies in their AML/CFT regime. Suriname has not complied with their Action Plan developed with the CFATF to address these deficiencies and has failed to make significant progress in addressing the deficiencies. A copy of the CFATF Public Statement who can be accessed by link: https://www.cfatf-gafic.org/index.php/home/public-statements/353-port-of-spain-trinidad-and-tobago-november-25th2015 The Caribbean Financial Action Task Force (CFATF) Public Statement of May 29, 2014 identifies Guyana as having significant strategic deficiencies in their AML/CFT regime and having failed to make significant progress in addressing the deficiencies. Guyana has not complied with their Action Plan developed with the CFATF to address these deficiencies remains. A copy of the CFATF Public Statement who can be accessed by link: https://www.cfatf-gafic.org/index.php/home/public-statements/107-cfatf-public-statement-miami-florida-may-29th2014 The Commission wishes to advise the general public, including all regulated and other persons to continue monitoring these periodic statements issued by the FATF and CFATF as well as the other sanctions and counter-measures applied by bodies such as the EU, UN, and UK. Updates of such measures are also periodically made available on the Commission’s Website on the “Sanctions” tab. However, it should be noted that the most current information can be obtained directly from the body issuing the statement or counter-measure. Regulated persons should particularly be in a position to advise the Commission if they have any dealings with the abovestated countries and to provide information on the level of enhanced due diligence adopted in relation to these countries, including business relationships with persons or entities from these countries. Kenisha Bacchus Senior Legal Counsel