Financial Crime Prevention in the Virgin Islands, U.S.

The Government of the Virgin Islands has taken a significant step towards preventing financial crimes such as money laundering, terrorist financing, and proliferation financing by launching the National Risk Assessment Council (NRAC).

National Risk Assessment Council (NRAC)

The NRAC is a seven-member policy-making body chaired by Hon. Premier Dr. D. Orlando Smith, OBE, which will oversee the Territory’s first National Risk Assessment exercise. The council includes high-level members such as Governor Boyd McCleary, CMG, and Director of Policy, Research and Statistics at the BVI Financial Services Commission, Mr. Cherno Jallow, QC.

The NRAC aims to strengthen the financial sector by identifying and mitigating risks associated with money laundering, terrorist financing, and other types of financial crimes.

Caribbean Financial Action Task Force (CFATF) 36th Plenary Meeting

In addition to the NRAC launch, the CFATF 36th Plenary Meeting will take place in the Virgin Islands from November 12 to 15. Over 150 delegates from various jurisdictions in the Caribbean region are expected to attend the meeting at the Multipurpose Complex in Tortola.

The CFATF is a regional organization established to address issues related to money laundering and terrorist financing. The BVI serves as vice chair of the organization, with Mr. Jallow currently occupying the post on behalf of the Territory. The meeting will focus on strengthening the organization’s structure and governance, as well as promoting greater participation amongst its membership.

Compliance with International Standards

The Virgin Islands’ Financial Services Commission has made significant efforts to ensure compliance with international standards on preventing money laundering and terrorist financing, scoring 14 out of 16 against the Financial Action Task Force’s (FATF) Core and Key Recommendations. The Territory hopes to maintain its strong reputation as a pre-eminent jurisdiction for financial services.

Hosting the CFATF Plenary Meeting

The hosting of the CFATF Plenary Meeting is in line with the Government of the Virgin Islands’ mission to enhance and solidify the Territory’s reputation as a major economic pillar, generating 60 cents of every dollar spent by government.