Financial Crime World

BVI Financial Services Commission’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Policy

Restrictive Measures

The European Union has imposed sanctions on individuals involved in chemical weapons proliferation and use, including asset freezes. The Order allows the Governor to license certain activities under exemptions and derogations.

  • Sanctions Imposed by the EU: Asset freezes have been imposed on individuals involved in chemical weapons proliferation and use.
  • Governor’s Licensing Authority: The Governor has the power to license certain activities under exemptions and derogations.

Coordinating Bodies

The Territory’s AML/CFT framework includes several coordinating bodies that play a crucial role in implementing and enforcing anti-money laundering and combating terrorist financing regulations. These bodies are:

National AML/CFT Council (NAMLCC)

  • Drives the national AML/CFT architecture
  • Develops strategies to respond to money laundering and terrorist financing threats
  • Ensures compliance with relevant standards

Committee of Competent Authorities (CCA)

  • Facilitates coordination between Competent Authorities on domestic and international cooperation matters

Committee for Law Enforcement Authorities (CLEA)

  • Promotes intelligence sharing
  • Joint pursuit of criminals
  • Disruption of criminal activity through greater collaboration

Joint Anti-Money Laundering and Terrorist Financing Advisory Committee (JALTFAC)

  • Advises the Commission on initiatives to prevent and detect money laundering and terrorist financing
  • Encourages dialogue with the private sector
  • Promotes information exchange on ML/TF/PF matters

Inter-Governmental Committee (IGC)

  • Fosters cooperation between public bodies involved in fighting money laundering and terrorist financing
  • Creates public awareness of issues related to ML/TF
  • Shares information among its members

Commission’s Role

The Commission is responsible for ensuring compliance with the Territory’s AML/CFT systems and controls through supervision and inspection of regulated financial institutions.

  • Supervision and Inspection: The Commission monitors licensees for compliance with identification and verification procedures, record keeping requirements, internal control system requirements, and reporting of suspicious activities.