Combating Financing of Terrorism in Virgin Islands, U.S. Gets Thumbs Up from Global Watchdog

The United States Virgin Islands’ efforts to combat financing of terrorism (CFT) have received a seal of approval from the Financial Action Task Force (FATF), a global standard-setting body.

Comprehensive Evaluation and Approval

A comprehensive evaluation of the territory’s CFT framework was conducted using the 2012 FATF Recommendations and methodology. The assessment was based on information provided by the country as well as data gathered during an on-site visit to the Virgin Islands from March 1-15, 2023. Following a thorough review of the findings, the FATF has endorsed the results of the evaluation.

Key Findings and Priority Actions

The report highlights key findings and priority actions that are crucial in strengthening the territory’s CFT framework. The Executive Summary provides an overview of the assessment’s outcomes, including the most critical recommendations for improvement.

Key Recommendations:

• Strengthen customer due diligence requirements
• Improve monitoring and supervision of financial institutions
• Enhance international cooperation and information sharing
• Develop a comprehensive strategy to address emerging threats

By addressing these key findings and priority actions, the Virgin Islands can further strengthen its CFT framework and contribute to global efforts to combat terrorism financing.