Financial Crime World

Combating Money Laundering, Terrorist Financing, and Related Crimes in the Virgin Islands

A coalition of key institutions in the Virgin Islands has joined forces to combat money laundering, terrorist financing, and related crimes. This network of institutions is responsible for implementing measures within their individual competencies to prevent and detect these illicit activities.

The Network of Institutions

The Attorney General’s Chambers, Financial Services Commission, Financial Investigation Agency, International Tax Authority, Governor’s Office, Royal Virgin Islands Police Force, Office of the Director of Public Prosecutions, and Her Majesty’s Customs are all part of this network. Each institution plays a crucial role in the fight against money laundering, terrorist financing, and related crimes.

Coordinating Bodies

In addition to these individual institutions, several coordinating bodies play a vital role in ensuring that the Virgin Islands’ AML/CFT framework is effective.

  • National AML/CFT Coordinating Council (NAMLCC): Serves as the Territory’s national coordinating body on AML/CFT issues and provides policy guidance on all AML/CFT matters.
  • Council of Competent Authorities (CCA): Facilitates coordination between the Territory’s competent authorities relative to the execution of domestic and international cooperation matters.
  • Committee for Law Enforcement Authorities (CLEA): Ensures greater coordination and collaboration in the fight against money laundering, terrorist financing, and other organized crime through intelligence sharing and joint pursuits.

Key Institutions

  • Joint Anti-Money Laundering Task Force Advisory Committee (JALTFAC): Advises the Financial Services Commission on initiatives to prevent and detect money laundering and terrorist financing.
  • Inter-Governmental Committee (IGC): Fosters cooperation between key public bodies involved in the fight against money laundering and terrorist financing.

AML/CFT Threats

The Virgin Islands’ AML/CFT regime faces several primary threats, including:

  • Criminals’ ability to avoid extradition, retain proceeds of crime, launder money, finance terrorism, and exploit vulnerabilities in the MSB sector.
  • LEAs’ failure to pursue migrant smugglers, conduct timely investigations, and confiscate assets.

To address these threats, the Virgin Islands has implemented a range of measures, including:

  • Strengthening international cooperation
  • Improving supervisory frameworks for financial institutions and designated non-financial businesses and professions
  • Enhancing law enforcement capabilities

Conclusion

The network of institutions in the Virgin Islands is committed to combating money laundering, terrorist financing, and related crimes. By working together, these institutions can ensure that the Territory’s AML/CFT regime remains effective and robust, protecting the financial system and national security.