Virgin Islands Takes Steps to Enhance Financial Inclusion and Crime Prevention
The government of the Virgin Islands has taken a significant step towards countering money laundering, terrorism, and proliferation financing by passing three bills aimed at strengthening its financial sector.
Bills Aim to Strengthen Financial Sector
The House of Assembly approved three bills:
- The Criminal Justice (International Cooperation) (Amendment) Act, 2021
- The Counter-Terrorism Act, 2021
- The Financial Investigation Agency (Amendment) Act, 2021
These bills now await Governor John Rankin’s assent. The bills aim to give Virgin Islands authorities more power to investigate such crimes, allow for harsher prosecution, and create a new council to oversee the financial services sector.
New Council to Oversee Financial Services Sector
The Council of Competent Authorities will ensure compliance with international law on anti-money laundering and help regulate the financial services sector and tax administration. This body will give all competent authorities statutory recognition, allowing them to work closely together to combat money laundering, terrorism, and proliferation financing.
Counter-Terrorism Act Focuses on Detection and Prevention
The Counter-Terrorism Act focuses on detecting, preventing, prosecuting, and convicting terrorist activities within the territory. The bill specifies offenses and penalties associated with terrorist acts, including up to lifelong imprisonment for involvement in detonating devices that cause death or destruction. It also criminalizes financing terrorism.
Public Encouraged to Report Suspicious Activity
Deputy Speaker Neville Smith encouraged members of the public to read the bill and understand their responsibility to report any suspicious activity. Junior Minister for Trade and Economic Development Shereen Flax-Charles lent her support, saying the bill will help detect and prevent attacks.
Financial Investigation Agency (Amendment) Act Enhances Investigation Powers
The Financial Investigation Agency (Amendment) Act redefines the agency’s role in investigating money laundering, terrorism, and proliferation financing. The legislation gives the agency more power to:
- Seek documents
- Examine people under oath
- Take enforcement action
The bill will also aid with preparing for the upcoming mutual evaluation.
Importance of Public Consultation
Opposition Leader Marlon Penn highlighted the importance of public consultation on the legislation, stating that non-profit organizations and businesses need clarity on the impact of new regulations. Premier Andrew Fahie emphasized the need to protect the financial sector, citing significant funding cuts faced by overseas territories since the pandemic.
Passage of Bills Marks Important Step
The bills passed without amendments, with the House planning to reconvene at a later date. The passage of these bills marks an important step towards enhancing financial inclusion and crime prevention in the Virgin Islands.