Financial Crime World

Anti-Corruption Laws and Regulations in the British Virgin Islands

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The British Virgin Islands (BVI) has a robust financial services sector, which is regulated by the Financial Services Commission (FSC). Established in 2001, the FSC is an autonomous authority responsible for overseeing all financial services in and from within the BVI.

Objectives of the Financial Services Commission

The commission’s primary objective is to ensure that the financial sector operates efficiently and effectively, while maintaining high standards of integrity and transparency. To achieve this goal, the FSC has implemented various anti-corruption measures, including laws and regulations designed to prevent corruption and promote good governance.

Key Regulations

Anti-Money Laundering and Combating Financing of Terrorism

  • The Proceeds of Crime Act (POCA) 2012, which criminalizes money laundering and terrorist financing
  • The Anti-Money Laundering and Combating Financing of Terrorism Regulations (AML/CFT), which requires financial institutions to implement strict know-your-customer procedures and report suspicious transactions

Corruption Prevention

  • The Corruption Prevention Act (CPA) 2020, which prohibits corrupt practices and establishes a framework for detecting, preventing, and punishing corruption

International Cooperation

The FSC also works closely with international organizations, such as the Financial Action Task Force (FATF), to ensure compliance with global standards on anti-money laundering and combating the financing of terrorism.

Promoting Transparency and Accountability in Government Contracting

In addition to these regulations, the BVI has implemented various measures to promote transparency and accountability in government contracting. These include:

  • The Public Procurement Act 2014, which sets out rules for public procurement and requires transparency in the bidding process
  • The Code of Conduct for Government Officials, which outlines ethical standards for public servants

Commitment to Transparency and Good Governance

The British Virgin Islands is committed to maintaining a strong reputation as a responsible and transparent financial center, and continues to implement new regulations and measures to prevent corruption and promote good governance.