Financial Crime Investigation Methods a Priority in BVI
British Virgin Islands Committed to Fighting Money Laundering
The British Virgin Islands Financial Services Commission (BVI FSC) and BVI Financial Investigation Agency (FIA) have released their 2022 Money Laundering Risk Assessment report, highlighting the Territory’s continued commitment to identifying, assessing, and mitigating money laundering risks.
Report Highlights Key Domestic and International Threats
The assessment focuses on domestic and international threats and vulnerabilities at a national level, as well as those within the financial services and designated non-financial businesses and professions (DNFBP) sectors. The report identifies key domestic money laundering threats as:
- Drug trafficking: A significant threat to the Territory’s integrity
- Migrant smuggling: A growing concern for national security
- Murder: A serious crime that can be linked to money laundering activities
- Corruption: A pervasive threat to the financial services sector
Internationally, the main threats were identified as:
- Fraud: A global issue with significant implications for financial stability
- Corruption: A major concern for international cooperation and security
- Tax evasion: A serious threat to national revenue and economic integrity
Trust and Company Service Providers (TCSP) and Virtual Asset Service Provider (VASP) Sectors at Higher Risk
The assessment highlights the TCSP, investment business, legal, and VASP sectors as having a higher risk for money laundering compared to other financial services and DNFBP sectors.
Enhancing Capabilities for Fighting Financial Crime
The BVI FSC and FIA are committed to enhancing their capabilities for fighting financial crime and will continue to take steps to address the issues identified within the report. The agencies intend to present the findings to relevant stakeholders through ongoing outreach efforts, ensuring each sector is aware of its specific risks.
Commitment to Safeguarding the Public
“We must maintain both our flexibility and agility to respond to money laundering threats and vulnerabilities,” said Kenneth Baker, Managing Director and Chief Executive Officer of the BVI FSC. “We are committed to safeguarding the public against illegal and/or unauthorized activities which undermine the legitimacy and integrity of our financial services systems.”
Foster a Well-Regulated Environment
The agencies will also foster the development of a well-regulated and attractive environment for legitimate business and compliant market participants.
“The viability and continued success of the Territory as a premier international financial centre is key,” said Errol George, Director of the FIA. “Agencies such as the FIA and the Commission must conduct periodic assessments to identify money laundering risks posed by regulated and supervised entities and implement measures aimed at achieving desired levels of compliance.”
Protecting the Virgin Islands’ Reputation
The BVI FSC and FIA are committed to protecting and solidifying the Virgin Islands’ reputation as an international financial centre, while safeguarding the global public interest.
Report available on the FSC’s website and the FIA’s website.