Financial Crime World

Virgin Islands Committed to Global Fight Against Money Laundering and Terrorist Financing

The Virgin Islands, a major international finance center, has reaffirmed its commitment to combating money laundering (ML), terrorist financing (TF) and proliferation financing (PF). This commitment is in line with the Financial Action Task Force’s (FATF) International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation.

A Coordinated Effort

The fight against ML, TF and PF requires a coordinated international effort to effectively combat these crimes. If not addressed, such activities can have far-reaching consequences, including undermining the integrity of the Virgin Islands’ financial system, destabilizing its economy, and threatening public safety.

Effective Framework

To achieve this goal, the Virgin Islands operates an Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework that adheres to all relevant international standards. The territory’s legislative regime includes a comprehensive suite of laws and regulations aimed at implementing AML/CFT obligations.

  • The National AML/CFT Coordinating Council (NAMLCC) oversees policy matters related to AML/CFT.
  • The BVI Financial Services Commission (the “Commission”) is responsible for ensuring compliance with the territory’s AML/CFT systems and controls through supervision of regulated financial institutions.

Supervision and Enforcement

The Commission provides guidance and outreach to its licensees to aid them in understanding their AML/CFT obligations and ensuring the highest level of compliance. The Commission’s AML/CFT Policy and Strategy serve as a framework for supervisory, enforcement, and domestic and international cooperation efforts aimed at preventing money laundering, terrorist financing, and proliferation financing.

Three-Year AML/CFT Strategy

The Commission’s three-year AML/CFT Strategy (2020-2022) sets out goals in four key areas:

  • Supervision: to ensure that financial institutions comply with AML/CFT requirements
  • Enforcement: to take effective action against non-compliance and breaches of AML/CFT regulations
  • Promotion of Cooperation: to foster cooperation between the Commission, law enforcement agencies, and other relevant authorities
  • Stakeholder Awareness and Outreach: to raise awareness among stakeholders about their roles and responsibilities in preventing ML, TF and PF

The strategy provides a roadmap for implementing effective measures to combat ML, TF and PF risks inherent in the financial services sector, upholding the Commission as an effective regulator, and advancing the Virgin Islands as a secure and well-regulated international financial center.