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Anti-Money Laundering Measures in the British Virgin Islands

Introduction

The British Virgin Islands (BVI) has established a robust framework for preventing money laundering and terrorist financing. This article provides an overview of the key legislation and measures in place to ensure compliance with international standards.

The Laundering and Terrorist Financing Code of Practice

Background

The Financial Services Commission (FSC) promulgated the Laundering and Terrorist Financing Code of Practice in 2008, with revisions made in 2012. This code has the force of law and is enforceable against relevant businesses.

  • Key Features: The Code provides guidance on internal systems and controls to prevent money laundering and terrorist financing.
  • Enforceability: The Code is subsidiary legislation, making it a legally binding document for all relevant businesses.

The BVI has enacted several laws to facilitate cooperation with other countries in preventing money laundering and terrorist financing. These include:

  • Drug Trafficking Offences Act (1992): Establishes machinery for registering external confiscation orders.
  • Criminal Justice (International Co-operation) Act (1993): Facilitates cooperation with other countries in criminal proceedings.
  • Mutual Legal Assistance Treaties: Allow for the exchange of evidence and information between countries.
  • The Mutual Legal Assistance (United States of America) Act (1990): Gives effect to a treaty with the USA, facilitating cooperation on crime suppression.

AML Measures in BVI

The BVI has implemented effective anti-money laundering measures, reflecting high international standards. The jurisdiction is expected to continue being considered a model for other countries’ AML efforts.

  • International Recognition: The BVI has received positive assessments from the Financial Action Task Force (FATF), indicating its commitment to combating money laundering and terrorist financing.
  • Cooperation between Governments and Private Sectors: Cooperation between governments and private sectors is essential in preventing money laundering and terrorist financing.