Financial Crime World

International Cooperation: The British Virgin Islands’ Commitment

The British Virgin Islands (BVI) has been actively engaged with various international institutions and initiatives aimed at combating money laundering, terrorist financing, and promoting financial stability. This commitment to international cooperation is reflected in the BVI’s involvement with several key organizations.

United Nations Security Council Resolutions

The BVI has implemented United Nations Security Council resolutions through several UK Orders, which have been enforced within the territory. These efforts demonstrate the BVI’s willingness to adhere to global standards and best practices in combating money laundering and terrorist financing.

FATF Recommendations

  • The Financial Action Task Force (FATF) is a standard-setting body that promotes policies to combat money laundering and terrorist financing.
  • The BVI is an active founding member of the Caribbean Financial Action Task Force (CFATF), one of the FATF’s regional bodies.

International Monetary Fund (IMF) Assessments

The IMF has conducted assessments on the BVI’s financial sector, focusing on regulatory policies, financial stability, and international cooperation. These assessments provide valuable insights for the BVI to continually review and reform its laws, administrative systems, and law enforcement mechanisms.

Caribbean Financial Action Task Force (CFATF)

  • As a founding member, the BVI actively supports CFATF’s efforts to combat money laundering and terrorist financing in the Caribbean region.
  • The BVI’s membership in CFATF highlights its commitment to regional cooperation and collaboration in combating financial crimes.

International Organisation of Securities Commissions (IOSCO)

The British Virgin Islands Financial Services Commission was welcomed as an ordinary member of IOSCO in 2007, recognizing its commitment to international standards for securities market regulation. This membership demonstrates the BVI’s dedication to promoting transparency and stability in the global financial system.

International Organisation of Securities Commissions (IOSCO) Benefits

  • Access to international best practices and standards for securities market regulation
  • Opportunities for collaboration and knowledge-sharing with other IOSCO members
  • Enhanced credibility and reputation as a responsible regulatory authority

Organisation for Economic Cooperation and Development (OECD) and the Global Forum

Although not a member of the OECD, the BVI has a close working relationship with it through its membership in the OECD Global Forum. This forum promotes transparency and effective exchange of information on tax-related matters.

Organisation for Economic Cooperation and Development (OECD) Benefits

  • Access to international standards and best practices for tax transparency and cooperation
  • Opportunities for collaboration and knowledge-sharing with other OECD members
  • Enhanced credibility and reputation as a responsible jurisdiction

International Association of Insurance Supervisors (IAIS)

The BVI Financial Services Commission has been a member of IAIS since 1997, contributing to standard-setting and implementation activities for insurance supervisors. This membership highlights the BVI’s commitment to promoting financial stability and adherence to international standards.

International Association of Insurance Supervisors (IAIS) Benefits

  • Access to international best practices and standards for insurance supervision
  • Opportunities for collaboration and knowledge-sharing with other IAIS members
  • Enhanced credibility and reputation as a responsible regulatory authority

Group of International Finance Centre Supervisors (GIFCS)

Formally known as the Offshore Group of Banking Supervisors (OGBS), GIFCS is a group that promotes the adoption of international regulatory standards in banking, fiduciary, and AML/CFT arenas. The BVI’s membership in GIFCS underscores its commitment to promoting financial stability and adherence to international standards.

Group of International Finance Centre Supervisors (GIFCS) Benefits

  • Access to international best practices and standards for banking, fiduciary, and AML/CFT supervision
  • Opportunities for collaboration and knowledge-sharing with other GIFCS members
  • Enhanced credibility and reputation as a responsible regulatory authority