The British Virgin Islands' Attorney-General Cherlow Jarrow has announced that, after a year of raising awareness among workers in financial instititutions in the British Virgin Islands' offshore industry, the government has finally decided that it is time to enforce its anti-money laundering law.
The law, entitled the Anti-Money Laundering Code of Practice Act, was passed 15 months ago but the government felt that bankers in the British Caribbean territory needed time to become familiar with the law's requirements before they could abide by them.
At a press conference last weekend, Mr Jallow said the new code provided a clear definition of money laundering activities and applied penalties in terms of fines and imprisonment. Furthermore, an organisation was established under the new law which will investigate money laundering activities and collaborate with the anti-money laundering co-ordinating committee of the Island's Financial Services Department.
Chief Minister Ralph O'Neal said: 'the law will further demonstrate our resolve not only to fall in line with internationally established financial regulatory standards, but also to be a key player in the establishment of those standards.'
In addition to the enforcement of the new law, the legislative council has recently granted Director of Financial Services Robert Mathavious authority to assist foreign investigative bodies by providing information regarding criminal activities including money laundering. The government is also in the process of drafting plans to establish an independent regulatory organisation which would monitor offshore banks.
The new anti-money laundering law comes hot on the heels of legislation governing banking secrecy which was implemented in November of last year. Clearly the government is making an effort to bring its financial offshore sector into line with other major offshore financial centres. This can largely be put down to the recent KPMG report commissioned by the British Government identifying the shortcomings of some of the territory's offshore finance regulations which fell short of international standards.
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