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Sanctions Screening and Monitoring in the British Virgin Islands

The British Virgin Islands, as a British overseas territory, has implemented an international sanctions regime to comply with the UK’s foreign policy. The territory implements all international sanctions extended to it through legislative action by the UK government.

Additionally, the British Virgin Islands has its own autonomous terrorist sanctions regime and powers over the regulated sector, including financial institutions, to prevent money laundering and terrorist financing activities.

Regulatory Bodies

The following regulatory bodies are responsible for implementing sanctions screening and monitoring in the British Virgin Islands:

  • Financial Services Commission (FSC): responsible for regulating, supervising, and inspecting all financial services in and from within the territory.
  • Joint Anti-Money Laundering and Terrorist Financing Advisory Committee: established to advise the FSC on initiatives for the prevention and detection of money laundering and terrorist financing activities.

Sanctions Breaches

Individuals found guilty of sanctions breaches may face penalties including fines and imprisonment. For example, under the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, an individual could be liable to a fine of up to $70,000 for dealings with a terrorist organization.

Contact Information

For further information on sanctions screening and monitoring in the British Virgin Islands, contact:

Note

The information contained in this article is intended as a guide only and should not be relied upon as legal advice.