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Financial Institution Risk Management in Virgin Islands, British: New Assessment Highlights Commitment to Anti-Money Laundering Efforts

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The Government of the Virgin Islands has released its 2022 Money Laundering (ML) Risk Assessment, demonstrating the territory’s continued commitment to identifying and mitigating money laundering risk.

Background on the Risk Assessment

The assessment was conducted by the BVI Financial Services Commission and the BVI Financial Investigation Agency. It builds upon previous assessments, including a 2020 report, and highlights the Virgin Islands’ ongoing efforts to meet international anti-money laundering standards set by the Financial Action Task Force (FATF).

What is the FATF?

The FATF is an inter-governmental organization that sets global policies and standards for anti-money laundering and combating the financing of terrorism.

Key Findings of the Risk Assessment

The risk assessment provides a comprehensive overview of the ML risks faced by financial institutions in the Virgin Islands.
It highlights the importance of enhancing customer due diligence procedures to mitigate real estate transaction-related risks.
Strengthening reporting requirements is also a key measure being taken to prevent money laundering.

Commitment to Transparency and Good Governance

The release of this report underscores the Virgin Islands’ commitment to transparency and its dedication to protecting its financial system from illicit activities. The assessment is a valuable tool for:

Financial Institutions

Policymakers: working together to prevent money laundering and promote good governance in the territory.

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