International Cooperation Crucial in Combating Financial Crime in US Virgin Islands
A New Report Highlights the Importance of Global Partnership in Fighting Financial Crimes
A recent study has underscored the significance of international cooperation in combating financial crime in the US Virgin Islands. Released on February 27, 2024, the report reveals that the territory’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures are largely in compliance with global standards.
US Virgin Islands Makes Progress in Strengthening AML/CFT System
The study, which was compiled following an onsite visit by experts from March 15-30, 2023, notes that the US Virgin Islands has made significant strides in strengthening its AML/CFT system. However, there is still room for improvement, particularly in terms of international cooperation.
FATF Recommendations: A Global Benchmark for AML/CFT Measures
The Financial Action Task Force (FATF) 40 Recommendations serve as a global benchmark for AML/CFT measures. The report analyzed these recommendations and found that the US Virgin Islands has implemented most of them, but some areas require further attention.
Expert Recommendations for Strengthening AML/CFT System
Experts recommend strengthening the territory’s AML/CFT system by:
- Enhancing international cooperation with other countries
- Improving information sharing between jurisdictions
This will enable more effective detection and prevention of financial crimes, such as money laundering and terrorist financing.
Collaboration Key to a Safer Financial Environment
The report emphasizes the importance of collaboration between the US Virgin Islands and global partners in combating financial crime. By working together, the territory can improve its AML/CFT system and contribute to a safer and more secure financial environment for all.
Accessing the Report
The study is part of an ongoing series of reports on anti-money laundering and combating the financing of terrorism in various countries. The report is available for free download from the relevant authorities’ website.