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Terrorism Sanctions: VI Governor Given Wide-Ranging Powers
The Governor of the Virgin Islands has been granted sweeping powers to combat terrorism financing and money laundering in the territory. According to a new law, the Governor will have the authority to designate individuals or entities believed to be involved in terrorist activities, freeze their assets, and prohibit transactions with them.
Governor’s Powers Extended
The Governor’s powers under the new law include:
- Designating individuals or entities believed to be involved in terrorist activities
- Freezing assets belonging to designated individuals or entities
- Prohibiting transactions with designated individuals or entities
- Delegating functions to other agencies, including the Financial Investigation Agency (FIA)
- Ordering individuals or businesses to refrain from completing certain transactions
- Freezing assets if they are suspected of being involved in terrorist financing
Financial Investigation Agency Playing Key Role
The FIA will play a crucial role in implementing the new law. The agency is responsible for investigating financial crimes and has been granted the authority to order individuals or businesses to refrain from completing certain transactions or freeze their assets if they are suspected of being involved in terrorist financing.
Businesses and Organizations Required to Comply
Businesses and organizations operating in the Virgin Islands will be required to conduct thorough due diligence on their customers and report any suspicious transactions to the authorities. Failure to comply with these regulations could result in severe penalties, including fines and imprisonment.
Governor’s Office Working Closely with Other Agencies
The Governor’s Office is working closely with other agencies, including the FIA, the Attorney General’s Chambers, and law enforcement authorities, to implement the new law. The goal is to ensure that the territory is able to effectively combat terrorist financing and money laundering.
Residents Urged to Report Suspicious Activity
Residents of the Virgin Islands are urged to report any suspicious activity or transactions to the authorities immediately. The FIA has established a confidential reporting mechanism for individuals who wish to report suspected financial crimes.
In conclusion, the Governor’s new powers under the law will enable the territory to take a more proactive approach in combating terrorist financing and money laundering. The Financial Investigation Agency will play a key role in implementing the law, and businesses and organizations operating in the Virgin Islands are required to comply with the regulations. Residents are urged to report any suspicious activity or transactions to the authorities immediately.