Financial Crime World

Money Laundering Risk Assessment 2020

Overview of the Territory’s Risk Profile

The Financial Services Commission (FSC) of the Virgin Islands has conducted a risk assessment to identify potential vulnerabilities in the territory. The assessment provides an overview of the geographical, political, and socio-economic characteristics of the territory.

Methodology

The FSC employed a comprehensive methodology for the assessment, involving data collection from various stakeholders, including:

  • Financial Services Commission (FSC): regulator of financial services in the Virgin Islands
  • Financial Investigation Agency: responsible for investigating financial crimes
  • Royal Virgin Islands’ Police Force: law enforcement agency
  • Governor’s Office: executive branch of the government
  • Attorney General’s Chambers: legal advisor to the government
  • Office of the Director of Public Prosecutions: prosecutorial authority

Key Findings

The assessment highlights several key points that are relevant to the territory’s risk profile:

Low Crime Rate and Political Stability

  • The Virgin Islands has a relatively low crime rate.
  • The territory is politically stable, which contributes to its attractiveness as a financial hub.

Demographics and Labor Force

  • The population of the Virgin Islands is approximately 32,000.
  • Residents from over 110 different countries and territories make up approximately 70% of the local labor force.

Contribution of Financial Services to GDP

  • Financial services contribute approximately 22.6% of the Territory’s GDP.

Impact of Global Coronavirus Pandemic

The current global coronavirus pandemic is likely to have a negative impact on the territory’s economic performance and growth.

Next Steps

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