BVI Recognised For Robust Regulatory Framework and Adherence to FATF Recommendations

The work of financial services sector in the British Virgin Islands was highly evaluated by the Caribbean Financial Action Task Force (CFATF). According to the CFATF report, the BVI is highly compliant with the Financial Action Task Force (FATF); the territory also gained special recognition for the commitment in the fight against money laundering and the financing of terrorism. The CFATF report concluded that the BVI is largely compliant with the FATF 40 anti-money laundering Recommendations and 9 Special Recommendations relating to terrorism financing, and that it has shown “a robust public policy commitment to the establishment of standards in legal, law enforcement, regulatory and international co-operation matters.”

To develop the Mutual Evaluation Report, the CFATF conducted a visit in the BVI in February last year, with the purpose to examine the BVI’s AML/CFT regime and review Territory's institutional framework, relevant AML/CFT laws, regulations, guidelines, policies and the regulatory systems, their implementation, capacity and efficiency.

The Financial Services Commission said that it is pleased with the result of the mutual evaluation and the recognition given to the territory's adherence to AML/CFT standards. However, it also noted that there are areas highlighted by the report which need improvement. Now FSC is focused on adopting “the appropriate measures to effect necessary improvements to its areas of AML/CFT responsibility.”