Financial Crime World

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Virgin Islands, US Tackles Financial Inclusion and Crime Prevention with Enhanced Measures

The Financial Investigation Agency (FIA) of the Virgin Islands has taken a significant step in promoting financial inclusion while preventing financial crime. As one of the key Competent Authorities in the Territory, the FIA is responsible for the prevention and detection of financial crimes including money laundering, terrorist financing, and proliferation financing.

About the Financial Investigation Agency

Established in 2004, the FIA is an autonomous law enforcement agency with a clear vision to protect the Territory from these illicit activities. The agency consists of two operational units:

  • Analysis and Investigation Unit (AIU): responsible for collecting, investigating, analyzing, exchanging, and disseminating financial intelligence and other information related to or potentially related to a financial offense.
  • Supervision and Enforcement Unit (SEU): supervises designated non-financial businesses and professions, as well as non-profit organizations operating in or from within the Territory, to ensure compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

Guiding Principles

The FIA is guided by a Board that approves policies guiding its operations. The agency also seeks to recruit and develop individuals interested in a viable law enforcement career that serves the territory.

Promoting Financial Inclusion

In a move to promote financial inclusion, the FIA is working to prevent financial crimes that often affect vulnerable populations. By enhancing measures to detect and prevent money laundering, terrorist financing, and proliferation financing, the agency aims to create a safe and secure financial environment for all.

Impact on the Virgin Islands’ Economy

The efforts of the FIA are expected to have a significant impact on the Virgin Islands’ economy, fostering economic growth and stability while protecting the territory’s reputation as a reliable and secure financial hub.