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Banks in Virgin Islands, British Take Steps to Prevent Money Laundering

Strengthening Anti-Money Laundering Framework

February 27, 2024 - The banks in Virgin Islands, British are taking significant measures to prevent money laundering and combat the financing of terrorism. In a recent report, it has been noted that the islands’ financial system is working closely with international organizations and regulatory bodies to strengthen its anti-money laundering/combating the financing of terrorism (AML/CFT) framework.

International Recognition

The Financial Action Task Force (FATF), an inter-governmental body that sets global standards for AML/CFT, has praised Virgin Islands, British for its efforts in implementing the FATF 40 Recommendations. The report highlights the islands’ commitment to complying with international standards and best practices in the fight against money laundering.

Robust Measures in Place

The banks in Virgin Islands, British have put in place robust systems to identify, assess, and mitigate the risks of money laundering and terrorist financing. Some of these measures include:

• Establishing strong relationships with law enforcement agencies and regulatory bodies for effective coordination and information-sharing
• Implementing robust customer due diligence measures
• Improving reporting requirements

Areas for Improvement

However, the report notes that there is still room for improvement. Recommendations for strengthening the AML/CFT framework include:

• Enhancing customer due diligence measures
• Improving reporting requirements
• Increasing transparency in beneficial ownership information

The full report on Virgin Islands, British’ anti-money laundering/combating the financing of terrorism system can be downloaded from our website.