VIRGIN ISLANDS, BRITISH - FINANCIAL CRIME FIGHTERS GET TO WORK

A New Era in Financial Crime Fighting

In a significant step towards combating money laundering and other serious financial crimes, the British Virgin Islands (BVI) has established a dedicated law enforcement agency. The Financial Investigation Agency Act of 2003 came into effect on April 1, 2004, creating the BVI Financial Investigation Agency as an autonomous body tasked with investigating white-collar and financial-related crimes.

Key Objectives

• Ensure that the Territory’s financial sector remains free from money laundering and other major financial crimes.
• Safeguard the integrity of the BVI’s financial industry while contributing to the global fight against financial crimes.

Functions of the Agency

The agency will:

• Receive, obtain, investigate, analyze, and disseminate information related to financial offenses or proceeds of such offenses.
• Process international cooperation requests.
• Act as a receiver of all required disclosures under relevant financial services legislation.

International Cooperation and Collaboration

The establishment of this agency reflects current international trends aimed at combating money laundering, terrorist financing, and other financial-related crimes. It is expected to enhance the Territory’s efforts in fighting against these crimes and maintaining its position as an International Offshore Financial Centre.

Conclusion

The BVI Financial Investigation Agency is poised to play a crucial role in ensuring that the Territory’s financial sector remains free from illicit activities, ultimately contributing to the global fight against money laundering and other financial crimes.