Financial Crime World

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British Virgin Islands Committed to Global Fight Against Money Laundering

The British Virgin Islands (BVI) remains committed to combating money laundering, terrorist financing, and proliferation financing by adhering to international standards set forth by the Financial Action Task Force (FATF). The BVI’s anti-money laundering/counter-terrorism financing (AML/CFT) framework is designed to prevent financial crimes that threaten the integrity of its financial system, economic stability, and public safety.

Anti-Money Laundering/Counter-Terrorism Financing Framework

The BVI operates a comprehensive AML/CFT legislative regime that includes various laws and regulations aimed at preventing money laundering, terrorist financing, and proliferation financing. The regime is coordinated by several bodies, including the National AML/CFT Coordinating Council (NAMLCC), which oversees policy matters related to AML/CFT.

Supervision and Compliance

The BVI Financial Services Commission (FSC) plays a crucial role in ensuring compliance with the territory’s AML/CFT systems and controls through supervision of regulated financial institutions. The FSC monitors licensees for adherence to:

  • Identification and verification procedures
  • Record-keeping requirements
  • Reporting of suspicious activities
  • Internal control system requirements
  • Handling of politically exposed persons (PEPs) and other high-risk individuals

Guidance and Outreach

The FSC also provides guidance and outreach to its licensees to aid them in understanding their AML/CFT obligations and ensuring the highest level of compliance. The commission’s AML/CFT Policy and Strategy aim to strengthen its supervisory, enforcement, and cooperation regimes to prevent money laundering, terrorist financing, and other criminal activities.

Three-Year Strategy (2020-2022)

The FSC’s three-year strategy sets out goals in four key areas:

  • Supervision: Enhance supervision of regulated financial institutions to ensure effective implementation of AML/CFT measures.
  • Enforcement: Strengthen enforcement actions against non-compliant entities and individuals.
  • Promotion of Cooperation: Foster international cooperation with other jurisdictions to combat money laundering, terrorist financing, and proliferation financing.
  • Stakeholder Awareness and Outreach: Educate stakeholders on AML/CFT obligations and promote a culture of compliance throughout the financial services industry.

The strategy serves as a roadmap for the commission and financial services industry participants to uphold its position as an effective regulator and advance the BVI as a secure and well-regulated international financial centre.