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Financial Institution Risk Assessment Reveals Money Laundering Threats in British Virgin Islands
In a move aimed at strengthening its anti-money laundering defenses, the British Virgin Islands Financial Services Commission (FSC) and Financial Investigation Agency (FIA) have published the Virgin Islands Money Laundering Risk Assessment 2022. The assessment, released on June 9, 2023, identifies key money laundering threats and vulnerabilities in the financial services sector of the British Virgin Islands.
Key Findings
According to the report, the following illicit activities pose significant risks to the territory’s financial system:
- Drug trafficking
- Migrant smuggling
- Murder
- Corruption
- Fraud
- Tax evasion
Additionally, certain sectors are more vulnerable to money laundering, including:
- Trust and company service providers
- Investment businesses
- Legal professionals
- Virtual asset service providers
Next Steps
The FSC and FIA plan to share the findings with relevant stakeholders through ongoing outreach initiatives. They encourage financial institutions to use the information to inform their internal policies and procedures.
By identifying and understanding these risks, financial institutions can take proactive steps to mitigate them and maintain the integrity of the British Virgin Islands’ financial system.
Accessing the Report
The full report is available online, providing a comprehensive overview of the money laundering threats facing the territory’s financial sector. The press release accompanying the report provides additional information on the assessment’s findings and next steps.