Financial Crime World

Financial Crime Prevention in Virgin Islands: Regulatory Updates

A Commitment to Fighting Financial Crime

In her keynote address at the 20th anniversary meeting and conference of ICC FraudNet on April 19, 2024, Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith (AL), OBE, emphasized the Virgin Islands Government’s unwavering commitment to preventing financial crime.

A Robust Regulatory Regime

The Virgin Islands Government has established a robust regulatory regime that adheres to the rule of law. This regime is commended by Honourable Smith for its high standards and cooperation with the private sector and industry members.

Key Highlights from the Address

  • The Virgin Islands Government’s commitment to fighting financial crime in all its forms, particularly in light of growing threats exacerbated by geopolitical instability.
  • The shared responsibility between ICC FraudNet and the local government to investigate, prosecute, and recover assets lost or stolen through the courts.
  • The territory’s position as a key player in the fight against financial crime.

A Platform for Knowledge Sharing

The conference provided a valuable platform for industry leaders and experts to share knowledge and best practices in asset recovery and financial crime prevention. This collaboration will help achieve the goals of preventing financial crimes and collaborating with international partners.

International Partnerships

The event brought together over 100 attendees from 71 countries, including top asset recovery lawyers and representatives from strategic partner organisations such as GreyList Trace, Mintz, BDO, and Grant Thornton. The conference marked a significant milestone for ICC FraudNet, which has held 39 bi-annual meetings and conferences in over 30 different countries.

Conclusion

The Virgin Islands Government’s commitment to preventing financial crime is evident through its robust regulatory regime and adherence to the rule of law. By collaborating with international partners and industry leaders, the territory will continue to play a key role in fighting financial crimes.