On 9 June 2023, the BVI Financial Services Commission (FSC) and BVI Financial Investigation Agency (FIA) published the Virgin Islands Money Laundering Risk Assessment 2022 (the Risk Assessment). This assessment builds upon previous evaluations and demonstrates the BVI’s commitment to identifying, assessing, and mitigating money laundering risks in accordance with the Financial Action Task Force's requirements.
The Risk Assessment focusses on identifying and analysing domestic and international money laundering threats and vulnerabilities in the BVI, as well as within the financial services and Designated Non-Financial Businesses and Professions (DNFBP) sectors. The Risk Assessment identifies drug trafficking, migrant smuggling, murder, corruption, fraud, corruption, and tax evasion as key money laundering threats.
The Risk Assessment highlights that trust and company service providers, investment business, legal, and virtual asset service providers have a higher risk for money laundering compared to other financial services and DNFBP sectors.
The FSC and FIA intend to present the findings to relevant stakeholders through ongoing outreach initiatives. Service providers are encouraged to use the information in the Risk Assessment to inform their own internal policies and procedures and effectively identify, understand, and mitigate money laundering risks.
The Risk Assessment can be found here.
The press release can be found here.