Financial Crime World

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Virgin Islands Launches National Risk Assessment Council to Combat Financial Crimes

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Tortola, British Virgin Islands - The Virgin Islands has launched the National Risk Assessment Council (NRAC), a seven-member policy-making body tasked with overseeing the Territory’s first-ever national risk assessment exercise.

Composition of NRAC

The NRAC is chaired by Premier Dr. D. Orlando Smith, OBE, and consists of senior government officials, including:

  • Governor Boyd McCleary, CMG, CVO
  • Deputy Governor V. Inez Archibald
  • Attorney General Dr. Christopher Malcolm
  • Financial Secretary Neil Smith
  • Managing Director/CEO of the Financial Services Commission Robert Mathavious
  • Dr. Michael O’Neal

Purpose of NRAC

The National Risk Assessment Council will provide guidance on policy issues related to the development and conduct of the National Risk Assessment, as well as offer recommendations for mitigating identified risks.

Importance of National Risk Assessment

The National Risk Assessment exercise is a key requirement under the Financial Action Task Force’s (FATF) International Standards on Combating Money Laundering and the Financing of Terrorism. The FATF requires countries to identify, assess, and mitigate money laundering and terrorist financing risks across all sectors of their economy.

Support from NRASG

The National Risk Assessment Council will be supported by the National Risk Assessment Steering Group (NRASG), chaired by former CFATF Chairman Cherno Jallow, QC. Other members include:

  • Deputy Chairman Glenford Malone
  • Ms. Simone Martin and Ms. Alva McCall of the Financial Services Commission
  • Director of Public Prosecutions Wayne Rajbansie
  • Financial Services Commission Deputy Managing Director - Regulation Kenneth Baker
  • Director of Finance Sheldon Scatliffe
  • Director of the FIA Errol George
  • Detective Elvis Richards of the Royal Virgin Islands Police Force

Timeline and Process

The National Risk Assessment process is expected to commence in September 2014 and will be carried out over a seven-month period. A team of trained assessors from government agencies, the private sector, and two independent external reviewers will conduct the assessment.

Quotes

Governor McCleary welcomed the initiative, stating that it would enable the Territory to identify both strengths and weaknesses in its anti-money laundering and counter-terrorism financing regime. He noted that the Territory has undergone several reviews by international bodies and has consistently been found compliant with international standards.

Premier Smith emphasized the importance of the National Risk Assessment exercise, saying that it was a key step towards maintaining the Territory’s high level of compliance with FATF standards and contributing to the global fight against financial crime.