Global Cooperation Key to Tackling Money Laundering, Terrorism Financing, and Proliferation Financing

The British Virgin Islands Financial Services Commission (BVI FSC) has launched a comprehensive strategy to combat money laundering, terrorism financing, and proliferation financing (ML/TF/PF). This strategy recognizes that these complex issues require cooperation at both the domestic and international levels to be effectively addressed.

Domestic Cooperation

To achieve this goal, the BVI FSC is committed to:

• Providing guidance and assistance to other competent authorities and law enforcement agencies on ML/CFT matters
• Actively participating in relevant domestic advisory committees, such as:
  • IGC (International Group of Compliance)
  • NAMLCC (National Association of Money Laundering and Terrorist Financing Compliance)

International Cooperation

The BVI FSC also recognizes the importance of international cooperation in combating ML/TF/PF. The Commission will:

• Work closely with regional and international bodies, such as:
  • Financial Action Task Force (FATF)
  • European Union (EU) to stay up-to-date with global best practices and standards
• Collaborate with international partners to share information and expertise

Raising Awareness

The BVI FSC is committed to raising awareness of ML/TF/PF among:

• Industry stakeholders
• Professional associations
• The general public

To achieve this, the Commission will:

• Develop programs to educate private sector stakeholders on their role in fulfilling international obligations
• Conduct regular meetings with industry associations to increase AML/CFT awareness

Implementation, Monitoring, and Evaluation

The BVI FSC has established a clear implementation plan, with specific objectives and responsible leads for each area of focus. The Commission’s Anti-Money Laundering Unit will:

• Monitor progress on the status of implementation
• Provide regular reports to the Board of Commissioners

The BVI FSC’s ML/TF/PF Strategy is a dynamic document that will be reviewed periodically to determine whether any amendments are needed to action items in order to properly deliver on each objective and ensure ongoing compliance with all relevant standards.

Conclusion

The British Virgin Islands Financial Services Commission’s strategy to combat money laundering, terrorism financing, and proliferation financing is a crucial step towards ensuring the integrity of the financial system and preventing these harmful activities. The success of this strategy relies on:

• Global cooperation
• Domestic coordination
• Awareness-raising efforts among industry stakeholders and the general public