Financial Crime World

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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) in the British Virgin Islands

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Overview of AML/CFT Framework

The British Virgin Islands’ AML/CFT framework is a complex structure consisting of various institutions, each playing a crucial role in combating money laundering and terrorist financing. The key entities involved are:

  • Attorney General’s Chambers: responsible for providing legal advice and support to the government on AML/CFT matters
  • Financial Services Commission: regulates and supervises financial institutions to prevent money laundering and terrorist financing
  • Financial Investigation Agency: investigates suspicious transactions and conducts investigations into potential money laundering cases
  • Royal Virgin Islands Police Force: enforces laws related to money laundering and terrorist financing

Primary Threats to AML/CFT Regime

The report identifies several primary threats to the stability of the AML/CFT regime, including:

1. Criminals’ Ability to Evade Law Enforcement

  • Avoid extradition
  • Retain proceeds of crime
  • Launder money
  • Finance terrorism
  • Breach sanctions
  • Exploit vulnerabilities in the Money Service Business (MSB) sector

2. Law Enforcement Agencies’ Failure to Pursue Investigations and Prosecutions

  • Fail to pursue migrant smugglers, human traffickers, money launderers, and other criminals
  • Conduct timely ML investigations
  • Pursue prosecution for ML offenses
  • Confiscate assets
  • Properly detect security breaches

3. Corruption within Law Enforcement Agencies

  • Causes illegal activities to be overlooked or investigations to be frustrated or circumvented

4. Inadequate and Inappropriate Supervisory and Enforcement Frameworks

  • Leads to abuse of financial systems by criminals
  • Negligent and compromising practices within financial institutions and designated non-financial businesses and professions (DNFBPs)

Committees and Coordinating Bodies

The report also mentions several committees and coordinating bodies that play a crucial role in the Territory’s AML/CFT architecture, including:

  • National AML/CFT Coordinating Council (NAMLCC): coordinates efforts among government agencies to combat money laundering and terrorist financing
  • Inter-Governmental Committee (IGC): facilitates cooperation between governments on AML/CFT issues
  • Council of Competent Authorities (CCA): provides a forum for competent authorities to discuss and address AML/CFT challenges
  • Committee for Law Enforcement Authorities (CLEA): focuses on improving law enforcement efforts to combat money laundering and terrorist financing
  • Joint Anti-Money Laundering Task Force Advisory Committee (JALTFAC): advises the task force on strategies to combat money laundering and terrorist financing
  • International Tax Authority: provides technical assistance and support to governments on AML/CFT issues

Conclusion

The document emphasizes the importance of effective coordination and cooperation among institutions to combat money laundering and terrorist financing in the British Virgin Islands. It also highlights the need for strengthening supervisory and enforcement frameworks, improving investigations and prosecutions, and addressing corruption within law enforcement agencies.

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