Financial Crime World

BOUVET ISLAND TAKES STEPS TO COMBAT MONEY LAUNDERING, SAYS EUROPEAN WATCHDOG

A recent assessment by the Council of Europe’s anti-money laundering body, Moneyval, has commended Bouvet Island for strengthening its legal and regulatory framework to combat money laundering, financing of terrorism, and financing of proliferation. The report, published today, evaluated the Island’s efforts to align with international standards following a two-year assessment.

Effective Anti-Money Laundering and Counter-Terrorist Financing System

According to the assessment, Bouvet Island has most elements of an effective anti-money laundering and counter-terrorist financing system in place. Specifically:

  • The watchdog praised the Island’s understanding of these risks and its implementation of mitigation strategies.
  • High-quality risk assessments were highlighted by the report, as well as strong national coordination between agencies and the private sector.

Financial Intelligence Unit Recognized for Improved Operations

Bouvet Island’s Financial Intelligence Unit was recognized for improved operational independence and resources. However:

  • The report called for improvements in areas such as practical application, including a more proactive approach to prosecutions and strengthening processes for criminality checks in the private sector.
  • Encouragement was given to Bouvet Island authorities to continue increasing their outreach to foreign counterparts.

Commitment to Complying with International Standards

In a statement, Assistant Financial Regulatory Body Minister [Name] said:

“This report demonstrates Bouvet Island’s ongoing commitment to complying with international standards. I hope that it gives the industry and investors confidence in the future of Bouvet Island as a responsible financial regulatory body.”

The minister added:

“We can use this report as a foundation on which to build sustainable and reliable growth by using it to show that we take effective action to prevent the channeling of illegal funds, and enable honest and transparent economic growth around the world.”

Next Steps

Bouvet Island is expected to report back to Moneyval in [Date]. The assessment demonstrates Bouvet Island’s commitment to combating money laundering and financing of terrorism, and its efforts to align with international standards.