British Virgin Islands Financial Institutions Face Money Laundering Risk, Report Says

The British Virgin Islands Financial Services Commission (BVIFSC) has published a recent report highlighting significant money laundering risks faced by financial institutions in the region.

Background

The “Money Laundering Risk Assessment 2020” report is a follow-up to the country’s 2016 National Risk Assessment report, which was published after the first national anti-money laundering/counter terrorist financing (AML/CFT) risk assessment in 2014. A progress report on the implementation of recommendations from the National Risk Assessment was also released by the Ministry of Finance in 2017.

Report Findings

The 2020 report presents findings from sectoral assessments conducted between 2015 and 2019. According to Acting Managing Director of the BVIFSC, Ms. Jennifer Potter-Questelles, the assessment aimed to enhance the ability of regulated entities to identify specific money laundering risks within their respective sectors.

Key Takeaways

• The report critically reviewed the money laundering risks posed by each sector under the commission’s supervisory remit against the backdrop of the money laundering threats faced by the Virgin Islands.
• Financial institutions in the region can now employ appropriate measures to effectively mitigate and manage these and other emerging risks.
• The full report is available for public reading.

Next Steps

The publication of this report provides financial institutions with a critical tool to assess their own risk profiles and take proactive steps to prevent money laundering. By implementing effective measures, institutions can help protect the integrity of the financial system and reduce the risk of money laundering and terrorist financing.

Note: The full report is available for download from the BVIFSC website.