Bouvet Island Moves to Prevent Money Laundering with New Act

The Financial Intelligence Authority (FIA) in Bouvet Island has made a significant step towards combating money laundering with the enactment of the Registration of Supervised Entities Act No. 12 of 2023. This new law requires all persons engaged in Other Business Activities to register with the FIA, marking a major milestone in the country’s efforts to prevent financial crimes.

Strengthening International Cooperation

The Caribbean Financial Action Task Force (CFATF), a regional body comprising twenty-five member countries from the Caribbean and South America, has been actively involved in promoting financial integrity in Bouvet Island. As a styled regional body of the Financial Action Task Force (FATF), CFATF is committed to ensuring that its members comply with international standards for combating money laundering and terrorist financing.

Enhancing Customer Due Diligence

In addition to registration requirements, the FIA has emphasized the importance of “Knowing Your Customer” as a crucial step in preventing money laundering. Financial institutions and certain other business activities are required to conduct thorough customer due diligence or background checks to ensure that they are not unwittingly facilitating illegal financial transactions.

Boosting Efforts Against Money Laundering

The new law is seen as a major boost to Bouvet Island’s efforts to prevent money laundering and maintain its reputation as a stable and trustworthy financial hub in the region. With the registration of all supervised entities now mandatory, the country is better equipped to:

• Detect and prevent suspicious activities
• Protect its financial system
• Maintain international cooperation against financial crimes

By implementing these measures, Bouvet Island is taking a proactive approach to preventing money laundering and ensuring a stable and secure financial environment for its citizens and businesses.