Financial Crime World

Financial Crime Prevention in Online Payment Systems a Top Priority in British Virgin Islands

The Financial Investigation Agency (FIA) in the British Virgin Islands has emphasized its commitment to preventing financial crimes, including money laundering and terrorist financing, in online payment systems.

Vulnerability of Non-Profit Organizations (NPOs)

Non-profit organizations (NPOs) have been identified as vulnerable to activities of money laundering and terrorist financing. The FIA stated that while most NPOs are used for legitimate purposes, they can also be used to facilitate illicit activities.

  • Most NPOs are used for legitimate purposes
  • Can be used to facilitate illicit activities such as money laundering and terrorist financing

Measures Implemented by the FIA

The FIA has implemented measures to bring NPOs in line with international standards, including:

Non-Profit Organisation Registration Board

  • Creation of systems for NPOs to register with the Non-Profit Organisation Registration Board
  • Designed to provide transparency and accountability in the sector

Vulnerability of Designated Non-Financial Businesses and Professionals (DNFBPs)

Designated non-financial businesses and professionals (DNFBPs) have also been identified as vulnerable to being misused for money laundering and terrorist financing. DNFBPs are defined as relevant businesses under section 2 of the Anti-Money Laundering Regulations 2008 and are designated pursuant to section 2 of the Non-Financial Business (Designated) Notice, 2008.

Analysis and Investigation Unit (AIU)

The FIA has established an Analysis and Investigation Unit (AIU) to conduct analysis of suspicious activity reports (SARs)/special transaction reports (STRs), gather intelligence, and propose disseminations to relevant agencies. The AIU is responsible for fulfilling FATF Recommendation 29, which mandates countries to establish a financial intelligence unit.

Financial Investigation Agency: A Key Competent Authority

The Financial Investigation Agency (FIA) is one of the key competent authorities in the British Virgin Islands responsible for preventing and detecting financial crime. The agency was established as an autonomous law enforcement agency by the Financial Investigation Agency Act, 2003, which came into effect on April 1, 2004.

Vacancies at the Financial Investigation Agency

The FIA is seeking to recruit individuals interested in a viable law enforcement career that serves the territory. Applications are invited from qualified candidates who are passionate about preventing financial crimes and protecting the community.

Conclusion

The British Virgin Islands has taken significant steps to prevent financial crimes in online payment systems, including the establishment of the Financial Investigation Agency (FIA) and the implementation of measures to bring non-profit organizations (NPOs) in line with international standards. The FIA’s efforts are part of the government’s broader strategy to protect the territory from money laundering, terrorist financing, and proliferation financing.