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Money Laundering Risk Assessment (MLRA) Report for the Virgin Islands

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Introduction

The Financial Services Commission (FSC) conducted a Money Laundering Risk Assessment (MLRA) report for the Virgin Islands, an Overseas Territory of the United Kingdom. The assessment covers the period 2015-2019.

Key Points:

• The report assesses the ML risk in the Virgin Islands.
• The FSC led the assessment with stakeholders from various sectors.

Methodology

The FSC-led assessment involved stakeholders from various sectors, including:

• Financial Investigation Agency (FIA)
• Royal Virgin Islands Police Force (RVIPF)
• Governor’s Office
• Attorney General’s Chambers
• Office of the Director of Public Prosecutions (ODPP)

Key Findings

Overall ML Risk

The overall Money Laundering risk in the Virgin Islands is determined to be Medium-High.

Sectors with High Risk:

• Banking
• Trust and Investment Businesses
• Insolvency and Financing
• Emerging Sectors

Sectors with Medium-Low Risk:

• Money Services Business (MSB)
• Legal Professionals

Additional Factors Contributing to ML Risk:

The Virgin Islands’ porous borders, geographic location, and high tourism activity contribute to its ML risk.

Risk Factors

Several risk factors contribute to the overall ML risk in the Virgin Islands, including:

• Inadequate AML/CFT regulations and supervision
• Limited resources for law enforcement and regulatory agencies
• High demand for financial services from high-risk countries and individuals
• Limited cooperation with international partners

Comparison with 2016 National Risk Assessment (NRA)

The current assessment finds that the overall ML risk in the Virgin Islands is higher than previously identified in the 2016 NRA. However, the report notes that the methodologies used differed between the two assessments.