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COOPERATION EXISTS: FINANCIAL INVESTIGATION AGENCY WORKS CLOSELY WITH INTERNATIONAL AUTHORITIES

The Financial Investigation Agency (FIA) has reaffirmed its commitment to cooperation with international law enforcement authorities and Financial Intelligence Units (FIUs). In a recent statement, the agency emphasized that it exchanges information with these entities as necessary, based on reciprocity and trust.

Information Exchange Processes

The FIA facilitates this exchange of information through two processes: the informal process and the formal diplomatic process.

Informal Process

Under the informal process, law enforcement agencies and FIUs can request information about a BVI registered entity or individual if they provide a summary of the facts indicating the alleged involvement in an offence. The FIA will then use its powers to obtain the requested information, which will be provided within 21 days.

Important Note

The information obtained through this process is for intelligence purposes only and should not be shared with third parties without prior written permission from the Director of the FIA.

Formal Diplomatic Process

In contrast, the formal diplomatic process involves requesting information through a Mutual Legal Assistance Treaty (MLAT) or the Criminal Justice (International Cooperation) Act. This process requires a formal request to the Attorney General of the Virgin Islands, which must come from a recognized Central Authority, court or tribunal of a foreign jurisdiction.

Preferential Process

The FIA prefers the informal process due to its time-saving benefits and ability to provide intelligence that can assist in building cases and filling gaps in knowledge. The agency also noted that it can readily confirm whether an entity is BVI registered or not, among other things.

Conclusion

In conclusion, the Financial Investigation Agency is committed to cooperation with international authorities and FIUs, and offers two processes for requesting information: the informal process and the formal diplomatic process. By working together, law enforcement agencies and FIUs can share intelligence and build stronger cases against criminal offenders.