British Virgin Islands Strengthen Anti-Money Laundering Regulations

New Report Outlines Money Laundering Risks and Recommendations

The British Virgin Islands Financial Services Commission (BVIFSC) has released its “Money Laundering Risk Assessment 2020” report, aimed at strengthening the country’s anti-money laundering (AML) regulations. The report provides a critical review of money laundering risks posed by each sector under the supervisory remit of the BVIFSC.

Background and Objectives

The BVI first conducted a national AML/counter terrorist financing (AML/CFT) risk assessment in 2014. This new report serves as a follow-up to the country’s National Risk Assessment report issued in 2016, and builds upon recommendations made in a Progress Report published by the Ministry of Finance in 2017.

Key Findings and Recommendations

• The report outlines findings from sectoral assessments conducted between 2015 and 2019.
• It enables regulated entities to identify specific money laundering (ML) risks within their respective sectors.
• The assessment allows the BVIFSC and entities under its purview to employ appropriate measures to mitigate and manage emerging risks.

Accessing the Full Report

The full report can be accessed online at [insert link].

By implementing these recommendations, the British Virgin Islands aims to further strengthen its anti-money laundering regulations and reduce the risk of financial crime.