Financial Crime World

VIRGIN ISLANDS, U.S. BEST PRACTICES IN FINANCIAL CRIME REPORTING TAKE CENTER STAGE

A Key Competent Authority in Financial Crime Prevention

The Financial Investigation Agency (FIA) is a crucial entity in the Territory of the Virgin Islands, dedicated to preventing and detecting financial crimes such as money laundering, terrorist financing, and proliferation financing.

The Importance of Collaboration

To stay ahead of emerging threats, the FIA implements robust best practices in financial crime reporting. This approach is founded on a deep understanding of the importance of collaboration with other agencies and international partners.

Effective financial crime reporting requires a coordinated effort between law enforcement, regulatory bodies, and the private sector.

Our Agency is committed to working closely with these stakeholders to identify and disrupt illicit activities.

Focus on Vulnerable Sectors

The FIA has identified specific sectors that are vulnerable to money laundering and terrorist financing:

Non-Profit Organisations (NPOs)

  • The NPO Act 2012 requires all NPOs operating in the Virgin Islands to be registered with the Non-Profit Organisation Registration Board.
  • This registration ensures transparency and accountability, reducing the risk of illicit activities.

Designated Non-Financial Businesses and Professionals (DNFBPs)

  • DNFBPs, including lawyers, accountants, and real estate agents, are subject to strict regulations under the Anti-Money Laundering Regulations 2008.
  • The FIA works closely with these professionals to ensure they understand their obligations and take steps to mitigate the risk of money laundering and terrorist financing.

Analysis and Investigation Unit

The FIA’s Analysis and Investigation Unit (AIU) plays a critical role in:

Conducting Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs)

  • The AIU analyzes these reports to identify potential financial crimes.
  • This analysis helps the FIA to take appropriate action against illicit activities.

Intelligence-Gathering and Dissemination

  • The AIU works closely with the Financial Crimes Unit of the Royal Virgin Islands Police Force and foreign Financial Intelligence Units.
  • This collaboration enables the FIA to share intelligence and best practices, strengthening its efforts to combat financial crime.

International Recognition

The FIA’s commitment to best practices in financial crime reporting has received international praise. As a key Competent Authority in the Territory, the Agency remains vigilant in its pursuit of protecting the Virgin Islands from money laundering, terrorist financing, and proliferation financing.