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Anti-Money Laundering (AML) Measures and Regulations in the British Virgin Islands (BVI)

Introduction

The British Virgin Islands (BVI) has established robust Anti-Money Laundering (AML) measures and regulations to combat money laundering and terrorist financing. The following is a summary of the key points related to AML/CFT efforts in the BVI.

Laundering and Terrorist Financing Code of Practice

The Financial Services Commission (FSC) promulgated the Code in 2008, with revisions in 2012.
The Code is subsidiary legislation with the force of law, applicable to relevant businesses.
It provides guidance on internal systems and controls for AML/CFT compliance.
Businesses must provide a copy of their internal policies to the FSC for approval.

Administrative Offences

Failure to have adequate policies or internal systems and controls results in administrative offences with related penalties. These penalties serve as a deterrent for non-compliance and emphasize the importance of adhering to AML/CFT regulations.

The BVI has enacted various laws to facilitate cooperation with other jurisdictions and enhance its AML/CFT efforts:

The Drug Trafficking Offences Act, 1992, and its amendments facilitate the registration of external confiscation orders.
The Mutual Legal Assistance (United States of America) Act, 1990 enables cooperation between the BVI and the USA in criminal matters.
A mutual legal assistance treaty with the Cayman Islands facilitates the exchange of evidence and information.

AML/CFT Efforts

The BVI has demonstrated its commitment to combating money laundering and terrorist financing at an international level. Its effective, measured regulation reflects the highest standards worldwide.

Conclusion

The BVI’s AML/CFT efforts are expected to continue setting a model for other jurisdictions to follow.