Financial Crime World

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Anti-Money Laundering Measures in the British Virgin Islands

Introduction

The British Virgin Islands (BVI) has implemented robust Anti-Money Laundering (AML) measures to combat money laundering and terrorist financing. The Financial Services Commission (FSC) plays a crucial role in regulating financial institutions and promoting AML compliance.

Laundering and Terrorist Financing Code of Practice

In 2008, the FSC promulgated the Laundering and Terrorist Financing Code of Practice (the “Code”), which outlines the requirements for relevant businesses to follow. The Code is subsidiary legislation with the force of law and provides guidance on internal systems and controls.

Key Requirements of the Code

  • Establishes minimum standards for AML compliance
  • Outlines procedures for customer due diligence, reporting suspicious transactions, and record-keeping
  • Requires financial institutions to implement effective risk management systems

Other key pieces of legislation relevant to AML measures in the BVI include:

Key Acts and Regulations

  • Drug Trafficking Offences Act, 1992: Establishes machinery for registering external confiscation orders.
  • Criminal Justice (International Co-operation) Act, 1993: Provides provisions for confiscation and restraint.
  • Mutual Legal Assistance (United States of America) Act, 1990: Facilitates the provision of legal assistance in criminal matters between the USA and BVI.

Conyers’ Expertise

The law firm Conyers provides expert advice on AML measures relevant to their clients in the BVI. Their expertise includes:

AML Compliance Services

  • Conducting AML risk assessments
  • Developing AML policies and procedures
  • Providing training on AML compliance
  • Assisting with reporting suspicious transactions

Conclusion

The BVI has demonstrated its commitment to combating money laundering and terrorist financing through effective regulation and international cooperation. The jurisdiction’s high standards of AML compliance make it a model for other jurisdictions to follow.

Please note that this text is not intended as legal advice, but rather a general overview of the topic.