Anti-Money Laundering Measures in the British Virgin Islands

The British Virgin Islands (BVI) has implemented a comprehensive framework to combat money laundering and terrorist financing. This article provides an overview of the key measures in place, including laws, regulations, and related legislation.

Overview of Anti-Money Laundering Regulations in BVI

Key Laws and Regulations

The Proceeds of Criminal Conduct Act (PCCA)
The Financial Services Commission (FSC) Code
Drug Trafficking Offences Act
Mutual Legal Assistance (United States of America) Act

These laws and regulations are designed to prevent the use of the BVI jurisdiction for money laundering and terrorist financing purposes.

The FSC Code: A Detailed Guidance on Anti-Money Laundering Requirements

Key Provisions of the FSC Code

Internal Systems and Controls: The FSC Code outlines policies for approval by the FSC, including risk-based approaches to establishing these policies.
Minimum Requirements: The Code sets out minimal requirements for businesses to comply with anti-money laundering regulations.
Non-Compliance Penalties: Failure to comply with the Code can result in administrative offenses and related penalties.

Benefits of the FSC Code

Encourages a risk-based approach to anti-money laundering
Facilitates cooperation between businesses and regulatory authorities

Key Laws for International Cooperation

Drug Trafficking Offences Act: Facilitates cooperation with other countries in criminal proceedings and investigations.
Mutual Legal Assistance (United States of America) Act: Allows for the exchange of evidence and information in criminal matters, including asset sharing.

Conclusion: BVI’s Commitment to Anti-Money Laundering

The British Virgin Islands has demonstrated its commitment to combating money laundering and terrorist financing at an international level. The jurisdiction’s anti-money laundering measures are considered effective and have received a positive assessment from the Financial Action Task Force (FATF). It is expected that the BVI will continue to be a model for other jurisdictions in terms of anti-money laundering efforts.