Financial Crime World

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Regulatory Bodies for Financial Crimes in British Virgin Islands

The Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for overseeing financial services in and from within the territory.

Mission

The Commission’s mission is to ensure a stable and secure financial system by regulating, supervising, and inspecting all financial services in the BVI. It aims to maintain public trust and confidence in the financial sector while promoting economic growth and development.

Functions

  • Licensing and registration of financial institutions
  • Supervision of licensed entities
  • Investigation of suspicious transactions
  • Enforcement of regulations
  • Provision of guidance and support to licensees

Governance

The Commission is governed by a Board of Commissioners appointed by the Governor of the BVI. The Board is responsible for setting policy and overseeing the implementation of regulatory requirements.

Regulated Entities

The Commission maintains a public list of regulated entities in various sectors, including:

  • Banking
  • Insurance
  • Investment business
  • Trust and corporate services providers
  • Virtual assets service providers

Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT)

  • The Commission has implemented robust AML/CFT policies and strategies to prevent the misuse of financial systems for criminal activities.
  • It provides guidance and training to licensees on AML/CFT requirements.
  • Collaborates with international organizations to combat financial crime.

International Cooperation

The Commission cooperates with international partners, including:

  • Financial Action Task Force (FATF)
  • Caribbean Financial Action Task Force (CFATF)

Legislation and Risk Assessments

  • Implemented a range of legislative measures to combat financial crime.
  • Conducts regular risk assessments to identify emerging threats and vulnerabilities in the financial sector.

Forms and Publications

The Commission provides various forms and publications to assist licensees with regulatory requirements, including:

  • Guidance on AML/CFT
  • Licensing and registration procedures

Training and Media

  • Offers training programs for licensees on AML/CFT and other regulatory issues.
  • Publishes regular newsletters, articles, and presentations to keep stakeholders informed about regulatory developments and best practices in fighting financial crime.

Contact Us

For more information or to contact the British Virgin Islands Financial Services Commission, please visit our website at [website URL] or email us at [email address].