Virgin Islands Strengthen Laws Against Money Laundering and Terrorism Financing
The Virgin Islands House of Assembly has taken a crucial step in combating money laundering and terrorism financing by passing three important bills. These bills, which were approved on June 24, aim to enhance international cooperation, counter-terrorism efforts, and financial investigation capabilities.
Key Legislation Passed:
- Criminal Justice (International Cooperation) (Amendment) Act, 2021
- Counter-Terrorism Act, 2021
- Financial Investigation Agency (Amendment) Act, 2021
Enhancing International Cooperation
The Council of Competent Authorities is a new body that will oversee the financial services sector and ensure compliance with international anti-money laundering laws. This council was first approved in 2017 but has now been formalized through legislation.
Counter-Terrorism Efforts
The Counter-Terrorism Act, 2021 focuses on detecting, preventing, prosecuting, and convicting terrorist activities within the territory. The bill specifies offences and penalties associated with terrorist acts, including up to lifelong imprisonment for involvement in detonating devices that cause death or destruction.
Strengthening Financial Investigation Agency
The Financial Investigation Agency (Amendment) Act, 2021 redefines the FIA’s role in investigating money laundering, terrorism, and proliferation financing. The agency will now have more power to seek documents, examine people under oath, and take enforcement action.
Public Consultation and Support
Opposition Leader Marlon Penn emphasized the importance of public consultation to understand the impact of the legislation on non-profit organizations and businesses in the territory. Premier Andrew Fahie expressed his support for enacting measures to protect the financial sector, citing significant funding cuts experienced by overseas territories since the pandemic.
These bills demonstrate a commitment to strengthening laws against money laundering and terrorism financing in the Virgin Islands. The legislation aims to enhance international cooperation, counter-terrorism efforts, and financial investigation capabilities, ultimately protecting the territory’s financial sector.