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Virgin Islands Pledges Stronger Action Against Financial Crime

The British Virgin Islands government has made a commitment to strengthen its efforts against money laundering and terrorist financing, following a recent assessment by the Caribbean Financial Action Task Force (CFATF). The Mutual Evaluation Report (MER) highlighted areas for improvement in the territory’s anti-money laundering (AML) and counter-financing of terrorism (CFT) framework.

Government’s Commitment to Implementing Recommendations

In a statement delivered on March 5th, 2024, Deputy Premier Lorna Smith, OBE, emphasized the government’s commitment to implementing the report’s recommendations. A National Action Plan has been initiated to address the critical points raised in the MER.

Importance of Strengthening AML and CFT Framework

The Virgin Islands is a major financial hub and relies heavily on the financial services sector, which generates significant revenue for the government. To maintain its reputation as a clean and transparent financial center, the government has pledged an unwavering commitment to bolstering its AML and CFT framework.

Progress Since 1999

Since introducing the Anti-Money Laundering Code of Practice in 1999, the Virgin Islands has strengthened its legislative and regulatory provisions. However, the CFATF evaluation indicates that more needs to be done. Smith underlined the collective responsibility of both public and private sectors in combating illicit financial flows.

International Cooperation and Reputation

The Deputy Premier highlighted the importance of international cooperation and reputation, citing her participation in the CFATF Plenary in November 2023. The Virgin Islands’ commitment to addressing identified issues was clearly demonstrated, with a message that the territory is determined to attract only reputable business.

Collaborative Approach to Financial Security

This recent development reflects the Virgin Islands’ dedication to global financial security standards and underscores its collaborative approach between government bodies, regulatory authorities, law enforcement, and the private sector in safeguarding the integrity of its financial system.

Commitment to Global Financial Security Standards

The Deputy Premier’s statement reassures both local and international communities of the territory’s resolve to lead by example in financial services regulation and crime prevention. The progress of these initiatives is awaited with keen interest by stakeholders worldwide, as the Virgin Islands continues to uphold its reputation as a secure and reputable global financial center.