Virgin Islands Takes Step Forward in Combating Financial Crime
The Virgin Islands’ House of Assembly has recently passed three bills aimed at enhancing international cooperation and oversight of the financial services sector. These laws are a significant step forward in combating money laundering, terrorism, and proliferation financing.
Strengthening International Cooperation
The trio of laws includes:
- Criminal Justice (International Cooperation) (Amendment) Act, 2021: This bill gives Virgin Islands authorities more power to investigate crimes such as money laundering and terrorism.
- Counter-Terrorism Act, 2021: This legislation focuses on detecting, preventing, prosecuting, and convicting terrorist activities within the territory. It specifies offences and penalties associated with terrorist acts in the VI, including up to lifelong imprisonment for involvement in detonating devices that cause death or destruction.
- Financial Investigation Agency (Amendment) Act, 2021: This bill redefines the FIA’s role when it comes to investigating money laundering, terrorism, and proliferation financing. It gives the FIA more liberty to seek documents, examine people under oath, and take enforcement action.
Council of Competent Authorities
The Council of Competent Authorities, established in 2017 but set to receive statutory recognition through one of the bills, will ensure compliance with international law on anti-money laundering. This body will work closely with various authorities, including the Governor’s Office, the Attorney General’s Chambers, and the Financial Services Commission.
Importance of Public Consultation
Opposition Leader Marlon Penn emphasized that public consultation is crucial in communicating with non-profit organizations and businesses in the territory so they can comply with new regulations. “We have to ensure that we are guarded, our firewall is updated, and our people are well trained to meet the needs of this industry,” he said.
Strengthening Resilience Against Threats
Premier Andrew Fahie highlighted the importance of enacting measures to better protect the financial sector, especially considering overseas territories have seen significant funding cuts since the onset of the pandemic. “We must ensure that we remain vigilant and take steps to strengthen our resilience against these threats,” he said.
The passing of these bills marks an important step in strengthening the Virgin Islands’ position against money laundering, terrorism, and proliferation financing.