Government of the Virgin Islands Enhances Financial Institution Risk Management Capabilities

Introduction

The Government of the Virgin Islands has taken a significant step in bolstering its financial institution risk management capabilities by sponsoring a strategic Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) training initiative for competent authorities and law enforcement agencies.

AML/CFT Training Initiative

• The program aims to enhance the islands’ ability to combat financial crimes.
• It has been endorsed by the National Risk Assessment Council and the Cabinet of the Virgin Islands.
• Participants will receive advanced training on AML/CFT best practices, risk assessment methodologies, and suspicious transaction reporting procedures.

Public Education Campaign

The Public Education Committee (PEC) has launched a nationwide awareness campaign focusing on customer due diligence processes. The committee has partnered with the Elmore Stoutt High School Drama Society to produce an informative infomercial that highlights the importance of verifying customers’ identities and conducting thorough background checks.

• The PEC’s efforts aim to educate businesses and individuals about their responsibilities in preventing money laundering and terrorist financing.
• By raising awareness on customer due diligence processes, the committee hopes to prevent unscrupulous individuals from exploiting weaknesses in the financial system.

Protecting Citizens from Financial Crimes

In addition to AML/CFT training and public education campaigns, the Government of the Virgin Islands has also taken steps to inform citizens about Ponzi schemes, which are often used as a means of perpetrating financial crimes. The PEC invites citizens to learn more about these schemes and protect themselves from falling victim to them.

Conclusion

The Government’s commitment to strengthening its AML/CFT framework is seen as a positive step towards promoting transparency and accountability in the territory’s financial institutions. By investing in AML/CFT training and public education initiatives, the Government is well on its way to creating a more secure and stable financial environment for all stakeholders.