BVI publishes its first proliferation financing risk assessment
On 9 September 2022, the BVI Financial Services Commission (FSC) working with the BVI Financial Investigation Agency (FIA) published the BVI Proliferation Financing Risk Assessment 2022 (the PF risk assessment).
The PF risk assessment is the first of its kind and takes a critical look at the risk of proliferation financing to the BVI based on identified threats within key areas of the economy and the vulnerabilities associated with those areas that if left unchecked, would increase the territory’s Proliferation Financing (PF) risk. This assessment investigates the level of exposure to PF related activities at a national level focusing on the following key areas:
- Use of legal persons and legal arrangements;
- International trade and collection and movement of funds;
- Ship registration and shipping related activities; and
- Virtual Assets and Virtual Assets Service Providers
The report makes several recommendations that, if properly implemented, should aid in enhancing the level of effectiveness of the territory’s AML/CFT regime. The recommendations within the report have been grouped into national, law enforcement, competent authority, and private sector specific recommendations. Conducting this assessment has ensured that the Territory is able to properly identify these threats and the existing vulnerabilities. It also allows to take appropriate action to effectively mitigate and manage the resulting risks.
BVI FSC and FIA are urging the public and private sector entities to examine the findings of the report and integrate these findings into their own institutional risk assessments and those of their clients where applicable.
BVI FSC’s press release can be found here.
The PF risk assessment report can be found here.