Financial Crime World

Financial Crime Prevention Agency Launched in US Virgin Islands

The United States Virgin Islands has taken a significant step towards combating financial crime with the establishment of the Financial Investigation Agency (FIA). The agency was set up as an autonomous law enforcement body under the Financial Investigation Agency Act of 2003.

Primary Goal

The FIA’s primary goal is to prevent and detect financial crimes such as:

  • Money laundering
  • Terrorist financing
  • Proliferation financing

The agency’s board, which includes high-ranking officials from various government agencies, is responsible for setting policies and guiding operations.

Mission Statement

According to a statement released by the FIA, the agency aims to protect the territory from these illicit activities and promote transparency in the financial sector. “We are committed to ensuring that the US Virgin Islands remains a safe and stable jurisdiction for businesses and individuals alike,” said an FIA spokesperson.

Initiatives

The agency has launched initiatives to strengthen its capabilities in identifying and combating money laundering and terrorist financing, including:

  • Creation of a specialized unit dedicated to analyzing suspicious transactions and intelligence-gathering
  • Introduction of measures to regulate non-profit organizations (NPOs) operating in the territory

Non-Profit Organisations Act of 2012

The Non-Profit Organisations Act of 2012 requires all NPOs to register with the registration board and comply with anti-money laundering regulations.

Collaboration

The agency is working closely with other government agencies, including the Royal Virgin Islands Police Force, to share intelligence and coordinate efforts against financial crime.

Recruitment

The agency is currently seeking to recruit new personnel with expertise in law enforcement, financial analysis, and other relevant fields. Those interested in joining the agency can find more information on its website.

Conclusion

With its focus on preventing financial crime and promoting transparency, the FIA is an important step towards ensuring the stability and integrity of the US Virgin Islands’ financial sector.