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Offshore Companies - BVI Registry Reports on Money Laundering

Friday, April 20, 2012

The BVI Registry has reported in Public Statement No. 1 of 2012, more vigilant efforts to blacklist countries who are not, in their opinion, conforming to generally accepted principles of money laundering procedures. The public statement, is available in original form on the FATF website. The updated statement also identified jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies that have not made sufficient progress in addressing such deficiencies. Those jurisdictions are listed as Bolivia, Cuba, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, Sao Tome and Principe, Sri Lanka, Syria, Tanzania, Thailand, and Turkey.

The BVI Registry has once again reminded "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 the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, to note the concerns...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..."

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