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British Virgin Islands Tightens Financial Sanctions and Embargoes
The British Virgin Islands has taken a significant step to combat money laundering, terrorist financing, and other illegal activities by strengthening its financial sanctions and embargoes. The territory’s financial services commission, the Financial Services Commission (FSC), has been granted additional powers to regulate and supervise financial institutions and individuals.
New Sanctions and Embargoes
The FSC has introduced new sanctions and embargoes on individuals and entities deemed to be involved in money laundering, terrorist financing, or other illegal activities. These sanctions include:
- Freezing of assets
- Travel bans
- Restrictions on financial transactions
Penalties for Non-Compliance
Individuals and entities found to be non-compliant with the new sanctions and embargoes face severe penalties, including:
- Fines of up to $70,000
- Imprisonment for up to three years
Regulatory Bodies
The British Virgin Islands has several regulatory bodies responsible for ensuring compliance with anti-money laundering and counter-terrorist financing standards. These include:
- British Virgin Islands Financial Services Commission (FSC): Regulates and supervises financial services in the territory.
- Joint Anti-Money Laundering and Terrorist Financing Advisory Committee: Advises the FSC on initiatives for preventing and detecting money laundering and terrorist financing activities.
- Virgin Islands General Legal Council: Regulates the legal profession in the British Virgin Islands.
Contact Information
For more information, please contact:
British Virgin Islands Financial Services Commission (FSC)
Pasea Estate, PO Box 418 Road Town, Tortola, VG 1110 T: (+1) 284 494 1324 F: (+1) 284 494 5016 E: commissioner@bvifsc.vg W: www.bvifsc.vg
The Joint Anti-Money Laundering and Terrorist Financing Advisory Committee