The Commission is today issuing Instruction Number 01/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2016 issued on 1 August 2016.
Haiti has been included within the Instruction following concerns identified by the Caribbean Financial Action Task Force as a result of an evaluation during April 2015. Firms must ensure that enhanced customer due diligence measures are undertaken and special attention given to all existing and new business relationships and transactions connected with Haiti.
Nigeria has also been included following concerns in respect of the terrorist financing risks emanating from Central and West African countries and the operation of terrorist organisations within the borders of those countries, particularly Nigeria.
Details on the inclusion of Haiti and Nigeria can be found in Section C of the Instruction.
In addition to the above, Guyana has been removed from the list of countries and jurisdictions subject to the Instruction. The Commission would however encourage businesses to continue to exercise caution when considering new and existing relationships with connections to Guyana.
Details on the reasons for the removal of Guyana can be found at the end of the Section B.
Copies of Instruction No. 01/2017 can be accessed on the Financial Crime section of the Commission’s website and via the below links:
25 January 2017