Internal Controls for Financial Crimes in the British Virgin Islands
Combating Financial Crimes in the Territory
The British Virgin Islands have implemented robust internal controls to combat financial crimes, including money laundering and terrorist financing. The Financial Investigation Agency (FIA), a key competent authority in the Territory, plays a crucial role in preventing and detecting these crimes.
FIA’s Role and Vision
- The FIA’s primary role is outlined in Section 4 of the Financial Investigation Agency Act, 2003.
- The agency’s vision is to protect the Territory from money laundering, terrorist financing, and proliferation financing.
New Regulations to Prevent Money Laundering
In response to concerns that non-profit organizations (NPOs) were vulnerable to activities of money laundering and terrorist financing, the Non-Profit Organisations Act, 2012 was implemented. This act requires all NPOs operating within the British Virgin Islands to register with the Non-Profit Organisation Registration Board.
Designated Non-Financial Businesses and Professionals
The Anti-Money Laundering Regulations 2008 designate certain non-financial businesses and professionals (DNFBPs) as vulnerable to being misused for money laundering and terrorist financing. These entities are required to implement internal controls to prevent these crimes.
Financial Intelligence Unit
- The FIA’s Analysis and Investigation Unit serves as the financial intelligence unit of the Territory.
- This unit conducts analysis of suspicious activity reports (SARs), gathers intelligence, and proposes disseminations to relevant agencies.
Protecting the Territory from Financial Crimes
The British Virgin Islands’ internal controls for financial crimes aim to protect the Territory from money laundering, terrorist financing, and proliferation financing. The FIA’s efforts are guided by a board that oversees the agency’s operations and ensures compliance with international standards.
In an effort to prevent financial crimes, the FIA is seeking individuals interested in a career in law enforcement to join its team.