Financial Institution Risk Management in Virgin Islands Takes Center Stage
BVIFSC Publishes Money Laundering Risk Assessment Report
The British Virgin Islands Financial Services Commission (BVIFSC) has released its highly anticipated “Money Laundering Risk Assessment 2020” report, shedding light on the findings of sectoral assessments for the period spanning from 2015 to 2019. This latest development marks a significant milestone in the country’s ongoing efforts to combat money laundering and terrorist financing.
Key Highlights of the Report
- Follow-up to National Risk Assessment: The report serves as a follow-up to the nation’s 2016 National Risk Assessment report, with subsequent progress reports published by the Ministry of Finance in 2017.
- First National AML/CFT Risk Assessment: The BVI conducted its first national anti-money laundering/counter terrorist financing (AML/CFT) risk assessment back in 2014.
- Enhanced Risk Identification: The 2020 report provides a critical review of money laundering risks posed by each sector under the commission’s supervision, against the backdrop of existing threats to the Virgin Islands.
Actionable Insights from the Report
The report allows the BVIFSC and entities under their purview to employ targeted measures to effectively mitigate and manage emerging risks. This development further solidifies the island nation’s commitment to financial institution risk management.
Key Recommendations
- Targeted Risk Mitigation: Employ targeted measures to effectively mitigate and manage emerging risks.
- Continuous Monitoring: Continuously monitor and assess money laundering risks posed by each sector under supervision.
- Enhanced Collaboration: Enhance collaboration among regulated entities, the BVIFSC, and other relevant stakeholders to combat money laundering and terrorist financing.
Access the Full Report
The full report is now available for public viewing, providing a comprehensive overview of the findings and recommendations from the “Money Laundering Risk Assessment 2020” report.