Harneys helps BVI NPOs meet regulatory requirements

Harneys in collaboration with the British Virgin Islands Financial Investigation Agency (FIA) and the NPO Board under the supervision of the BVI Joint Anti-money Laundering and Terrorist Financing Advisory Committee co-hosted three compliance training sessions on 11 and 13 July 2017 for all registered Non-Profit Organisations (NPOs) in the Territory. 

Over 120 NPO volunteers and staff attended the sessions. The training sessions were organised to ensure that NPOs in the Territory are able to satisfy their regulatory obligations and to ensure that NPO staff and volunteers receive sufficient compliance training each year. 

The two hour outreach sessions covered topics such as anti-money laundering due diligence, procedures for reporting suspicious transactions and compliance procedures. This included FIA and NPO reporting requirements, NPO filing requirements, compliance systems and controls and conduct of business, risk procedures and the filing of money laundering reporting officer’s suspicious activity reports. 

Ayana Hull, counsel in Harneys’ Regulatory practice and one of the trainers, stated: “The objective of the training was to ensure that NPOs are not misused by terrorist organisations who might pose as legitimate entities in order to exploit legitimate entities such as NPOs, and that NPOs do not act as conduits for terrorist financing either for the purpose of escaping asset freezing measures or in an effort to conceal or obscure the clandestine diversion of funds intended for legitimate purposes, but diverted for terrorist purposes.”

The training was free of charge and all attendees will receive a certificate of attendance.  This certificate can be presented to the FIA as evidence of training of NPO staff and volunteers for the 2017 year.

Hull was joined by co-facilitator Sarah Lynch, Harneys’ compliance and money laundering officer. Other speakers included Senior Compliance Examiner at the FIA Ms Keisha Celestine; Chairwoman of the NPO Registration Board Ms Kamika Forbes and Deputy Chairwoman of the NPO Registration Board Ms Claudia Hodge.

Harneys is committed to providing knowledge and expertise to the public through specialised training sessions to ensure the integrity and development of the British Virgin Islands.