Financial Crime World

Financial Crime Prevention Strategies in British Virgin Islands

The British Virgin Islands (BVI) has taken a proactive approach to preventing financial crimes, including money laundering, terrorist financing, and proliferation financing. The Financial Investigation Agency (FIA), one of the key Competent Authorities in the Territory, plays a crucial role in preventing and detecting these illicit activities.

FIA’s Primary Role

The FIA’s primary goal is to protect the BVI from financial crimes by identifying and disrupting criminal networks. To achieve this objective, the agency employs a range of strategies, including:

  • Risk assessments
  • Intelligence gathering
  • Analysis

Focus Areas

Non-Profit Organisations (NPOs)

The FIA has identified NPOs as a key area of focus due to their vulnerability to money laundering and terrorist financing. The Non-Profit Organisations Act 2012 requires all NPOs operating in the BVI to register with the Non-Profit Organisation Registration Board, providing a framework for preventing illicit activities.

Designated Non-Financial Businesses and Professionals (DNFBPs)

The FIA works closely with DNFBPs to identify entities that may be vulnerable to being misused for money laundering and terrorist financing. These businesses and professionals are not strictly regulated by the Financial Services Commission, making it essential for the FIA to engage with them to prevent illicit activities.

Analysis and Investigation Unit

The Analysis and Investigation Unit is a critical component of the FIA’s operations. This unit:

  • Conducts analysis of suspicious activity reports (SARs) and suspicious transaction reports (STRs)
  • Gathering intelligence
  • Proposes disseminations to relevant agencies

Board Governance

The FIA is guided by a Board that approves policies governing its operations. The agency also seeks to recruit and develop individuals who are interested in a viable law enforcement career that serves the territory.

Conclusion

In summary, the Financial Investigation Agency’s financial crime prevention strategies aim to protect the British Virgin Islands from money laundering, terrorist financing, and proliferation financing. By employing a range of measures, including risk assessments, intelligence gathering, and analysis, the FIA is working to prevent these illicit activities and maintain the integrity of the BVI’s financial system.