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Financial Crime Fight Gets Boost in British Virgin Islands

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The Financial Investigation Agency (FIA) in the British Virgin Islands is leading the charge against financial crime, with a focus on money laundering, terrorist financing and proliferation financing. As one of the key Competent Authorities in the territory, the FIA was established as an autonomous law enforcement agency by the Financial Investigation Agency Act, 2003.

Protecting the Territory

The FIA’s primary role is to prevent and detect financial crime, and its vision is to protect the British Virgin Islands from these threats. To achieve this goal, the agency works closely with other authorities, including the Royal Virgin Islands Police Force and foreign Financial Intelligence Units.

Non-Profit Organisations Under Scrutiny

The FIA has also been working to prevent illicit activities in the non-profit sector. The Non-Profit Organisations Act, 2012 requires all non-profit organisations operating in the British Virgin Islands to be registered with the Non-Profit Organisation Registration Board. This move aims to bring these organisations in line with international standards and prevent them from being misused for money laundering and terrorist financing.

Designated Non-Financial Businesses and Professionals

The FIA has also been targeting Designated Non-Financial Businesses and Professionals (DNFBPs), which are non-regulated entities that are vulnerable to being used for financial crimes. These businesses and professionals are required to comply with anti-money laundering regulations and report any suspicious transactions.

Analysis and Investigation Unit

To stay ahead of financial crime threats, the FIA has established an Analysis and Investigation Unit (AIU). This unit is responsible for conducting analysis on Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs), gathering intelligence and proposing disseminations to relevant agencies.

Call for New Recruits

The FIA is currently seeking new recruits to join its ranks. The agency is looking for individuals who are interested in a viable law enforcement career that serves the territory.