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Virgin Islands, British Take Steps to Combat Money Laundering and Terror Financing, Report Finds

A recent report has highlighted the progress made by the Virgin Islands, British in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The report, released on February 27, 2024, assesses the effectiveness of the territory’s AML/CFT system and provides recommendations for further improvement.

Progress Made

According to the report, the Virgin Islands has made significant strides in strengthening its AML/CFT framework, including:

• Establishing a robust regulatory regime
• Implementing effective measures to prevent the misuse of its financial system
• Demonstrating high-level cooperation with international partners in combating money laundering and terrorist financing

Areas for Improvement

However, the report also identifies some areas where the Virgin Islands could improve its AML/CFT framework, including:

• Enhancing customer due diligence procedures
• Improving monitoring and reporting of suspicious transactions
• Increasing engagement with local stakeholders to raise awareness about the risks associated with money laundering and terrorist financing

Report’s Findings

The report’s findings are based on an onsite visit conducted by a team of experts from March 15-30, 2023. The team assessed the Virgin Islands’ compliance with the Financial Action Task Force (FATF) 40 Recommendations and evaluated the effectiveness of its AML/CFT system.

Conclusion

In conclusion, the report concludes that while the Virgin Islands has made significant progress in implementing AML/CFT regulations, there are still areas where improvement is needed. The territory’s commitment to combating money laundering and terrorist financing is evident, and with continued efforts, it can further strengthen its AML/CFT framework and contribute to the global fight against financial crime.

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