Financial Crime World

AML/CFT Committees and Coordinating Bodies in the BVI

The British Virgin Islands (BVI) Financial Services Commission has established various committees and coordinating bodies to combat money laundering and terrorist financing. This article provides an overview of these entities and their roles.

National Coordinating Body

National Anti-Money Laundering and Combating the Financing of Terrorism Committee (NAMLCC)

  • The NAMLCC is the national coordinating body on AML/CFT issues in the Virgin Islands.
  • Its role includes developing and coordinating strategies to ensure an effective response to money laundering and terrorist financing threats.

Coordinating Bodies

Council of Competent Authorities (CCA)

  • Facilitates coordination between financial services institutions, regulatory bodies, and other relevant authorities.
  • Ensures the sharing of information and best practices among its members.

Committee for Law Enforcement Authorities (CLEA)

  • Ensures greater coordination and collaboration in the fight against money laundering, terrorist financing, and organized crime through intelligence sharing and joint law enforcement efforts.
  • Promotes cooperation between law enforcement agencies and other relevant authorities.

Advisory Bodies

Joint Anti-Money Laundering and Terrorist Financing Advisory Committee (JALTFAC)

  • A statutory body that advises the Commission on initiatives to prevent and detect money laundering and terrorist financing.
  • Provides guidance on best practices and effective strategies for combating ML/TF activities.

Inter-Governmental Committee (IGC)

  • Promotes public awareness of AML/CFT issues and fosters cooperation between key public bodies involved in fighting ML/TF activities.
  • Encourages collaboration among government agencies, financial institutions, and other stakeholders to prevent and detect ML/TF threats.

Commission’s Role

Financial Services Commission Responsibilities

  • Ensures compliance with the Territory’s AML/CFT systems and controls through supervision and inspection of regulated financial institutions.
  • Monitors licensees for compliance with identification and verification procedures, record keeping requirements, and reporting of suspicious activities.
  • Provides guidance and outreach to its licensees to aid them in complying with AML/CFT regulations.

By understanding the roles and responsibilities of these committees and coordinating bodies, the BVI can effectively combat money laundering and terrorist financing threats, maintain a safe and secure financial system, and protect the interests of its citizens.