British Virgin Islands Overhauls Internal Controls to Combat Financial Crimes

The British Virgin Islands Financial Services Commission (BVIFSC) has published a comprehensive report detailing its Money Laundering Risk Assessment 2020. This move aims to strengthen internal controls against financial crimes, building on the country’s previous efforts to combat money laundering and terrorist financing.

Key Findings and Progress Report

• The BVI conducted its first national anti-money laundering/counter terrorist financing (AML/CFT) risk assessment in 2014.
• A progress report published by the Ministry of Finance in 2017 highlighted significant strides made in implementing recommendations from the previous assessment.
• The 2020 report provides a critical review of money laundering risks posed by various sectors under the Commission’s supervisory remit.

Sectoral Assessments and Recommendations

• The BVIFSC conducted sectoral assessments between 2015 and 2019, which informed the development of the 2020 Money Laundering Risk Assessment.
• The report highlights specific ML risks within each sector and provides recommendations for mitigating these risks.

Strengthening Internal Controls

The 2020 report has provided valuable insights into the ML threats facing the Virgin Islands. This information will enable the BVIFSC to take proactive measures to strengthen its internal controls, ensuring that regulated entities can effectively identify and mitigate specific money laundering risks within their respective sectors.

The full report is now available for public review, providing stakeholders with a comprehensive understanding of the BVI’s efforts in combating financial crimes.