Financial Crime World

Financial Sanctions Unit Established in Virgin Islands

As part of international efforts to combat financial crime, the Government of the Virgin Islands has announced the establishment of a dedicated sanctions unit. This move comes after unprecedented packages of sanctions were imposed against Russia following its invasion of Ukraine.

Background

The decision was made in response to the territory’s recent CFATF Mutual Evaluation Report, which recommended actions to improve the implementation and enforcement of financial sanctions. The announcement was made by Governor Daniel Pruce and Attorney General officials during a two-day sanctions training session, funded by the UK’s Foreign Commonwealth and Development Office.

Training Session

The training session, delivered by Sanctions SOS trainers, included a tabletop exercise where participating agencies simulated real-life scenarios related to sanctions. A total of 17 government agencies and organizations attended the training, including representatives from:

  • Governor’s Office
  • Financial Investigation Agency
  • Financial Services Commission
  • Attorney General Chambers
  • And others

Key Quotes

  • “I’m pleased to see many agencies represented today,” said Governor Pruce. “Sanctions are a vital tool in our efforts to implement sanctions effectively.”
  • “All stakeholders must play their part in ensuring the integrity of the financial system and implementing sanctions efficiently,” added Mrs Fiona Forbes Vanterpool, Attorney General’s International Relations Counsel.

The Sanctions Unit

The Sanctions Unit will be led by the Attorney General and headed by Ms Kisha Frett as Sanctions Coordinator. A six-month transition period has been set aside to allow for a smooth handover from the Governor’s Office. During this time, businesses are asked to direct all sanction-related queries and requests to the Governor’s Office at GOVOfficesanctions.tortola@fcdo.gov.uk.

Impact

The establishment of the Sanctions Unit is seen as a crucial step in strengthening the Virgin Islands’ efforts to combat financial crime and maintain its reputation as a credible service provider.

Key Takeaways

  • The Government of the Virgin Islands has established a dedicated sanctions unit.
  • The unit will be led by the Attorney General and headed by Ms Kisha Frett as Sanctions Coordinator.
  • A six-month transition period has been set aside to allow for a smooth handover from the Governor’s Office.
  • Businesses are asked to direct all sanction-related queries and requests to the Governor’s Office during this time.