BVI Financial Intelligence Unit Enhances Collaboration with Memorandum of Understanding

Strengthening Cooperation to Combat Financial Crimes

The British Virgin Islands (BVI) has strengthened its reputation as a leading financial hub through a Memorandum of Understanding (MoU) between the BVI Financial Services Commission (FSC) and the BVI Financial Investigation Agency (FIA). Signed on January 31, 2024, this agreement aims to enhance collaboration in exchanging information related to due diligence, money laundering, terrorist financing, proliferation financing, and other financial crimes.

Key Objectives of the Memorandum of Understanding

• Strengthen cooperation between FSC and FIA to exchange information related to:
  • Due diligence
  • Money laundering
  • Terrorist financing
  • Proliferation financing
  • Other financial crimes
• Establish formal procedures for cooperation and information exchange, including sharing of confidential information and assistance in inquiries or compliance inspections
• Enable mutual assistance in identifying financial system risks and addressing emergency situations involving supervised or regulated entities

Benefits of the Memorandum of Understanding

The MoU between FSC and FIA provides a clear framework for cooperation and collaboration, promoting transparency and integrity within the island territory’s financial services sector. This agreement enables:

• Continuous sharing of relevant data
• Requesting and providing information related to individuals or entities associated with the BVI
• Other agreed-upon information exchange that supports the fulfillment of both authorities’ mandates

Accessing the Memorandum of Understanding

The Memorandum of Understanding between FSC and FIA is available online, providing a clear framework for cooperation and collaboration in maintaining the BVI’s reputation as a financial hub. This agreement marks a significant step forward in promoting transparency and integrity within the island territory’s financial services sector.