Virgin Islands’ Financial Institution Risk Assessment Identifies Continued ML Risks, Shows Commitment to Compliance

In a move to further strengthen its anti-money laundering (AML) measures, the British Virgin Islands’ Financial Services Commission and Financial Investigation Agency have jointly released the 2022 Money Laundering Risk Assessment. This comprehensive report demonstrates the territory’s ongoing commitment to identifying, assessing, and mitigating money laundering risks.

Background

The report was conducted in accordance with the Financial Action Task Force’s requirements and aims to provide a detailed analysis of the ML risks faced by financial institutions operating in the Virgin Islands. The assessment seeks to ensure that these entities are equipped with the necessary tools and strategies to effectively mitigate such risks and maintain compliance with international standards.

Key Findings and Recommendations

The report highlights key findings and recommendations for financial institutions to:

• Improve their AML/CFT controls
• Enhance customer due diligence
• Strengthen reporting requirements

It also underscores the importance of cooperation between regulatory bodies, law enforcement agencies, and financial institutions in tackling money laundering threats.

Importance of Cooperation

In a statement, officials emphasized that the Risk Assessment is an essential step towards maintaining the Virgin Islands’ reputation as a reputable offshore financial center. “We are committed to ensuring that our financial sector remains robust and secure,” they said. The report’s findings will inform policy decisions and regulatory actions aimed at reducing ML risks.

Availability of the Report

The full document is available for download, providing a detailed analysis of the ML risks faced by financial institutions operating in the Virgin Islands.