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BVI 'Largely Compliant' With FATF Recommendations, Says Report,
by Amanda Banks, Tax-News.com, London
Tuesday, January 06, 2009
The British Virgin Islands has received praise in the latest Caribbean Financial Action Task
Force Evaluation Report.
The Report, published last month, concluded that the BVI is largely compliant with the
Financial Action Task Force (FATF) 40+9 Recommendations and that, as a territory,
it has maintained a robust public policy commitment to ensuring that it plays
its part in the global fight against money laundering and the financing of terrorism.
According to the BVI Financial Services Commission, the CFATF Report highlights the tremendous efforts undertaken by the BVI since
the last CFATF mutual evaluation of the Territory in 2002 to ensure compliance
with established Anti-Money Laundering/Combating the Financing of Terrorism
(AML/CFT) principles and the Territory’s commitment to the establishment
of standards in legal, law enforcement, regulatory and international cooperation
matters.
The Report specifically notes that:
“The [British] Virgin Islands has maintained a robust public policy commitment
to ensuring that the Territory plays its part in the global fight against money
laundering and the financing of terrorism. Successive Virgin Islands governments
have promoted policies to ensure that the jurisdiction can play its part to
effectively combat cross border financial crimes, maintain a reputation of being
a clean jurisdiction, and where it is found that the jurisdiction has been used
by criminals, to fully cooperate with the international community. This government
commitment has led to the jurisdiction being in the forefront in the introduction
of modern financial services legislation such as a licensing regime for trust
and corporate service providers, immobilisation of bearer shares and the introduction
of mandatory suspicious activity reporting obligations.”
To develop the Report, the CFATF conducted an on-site visit in the BVI from
February 10 – 22, 2008 to examine, through document reviews and interviews
of public and private sector stakeholders, the BVI’s AML/CFT regime. This
third round mutual evaluation was the first in which the BVI’s AML/CFT
regime was assessed by the CFATF on the basis of the 2004 Methodology devised
by the International Monetary Fund for the implementation of the FATF’s
40 Recommendations and 9 Special Recommendations relating to money laundering
and terrorist financing respectively.
The mutual evaluation was conducted by an assessment team led by a member of
the CFATF Secretariat and included assessors from the CFATF and FATF member
countries well versed in law, law enforcement and finance. The assessment team
reviewed the Territory’s institutional framework, relevant AML/CFT laws,
regulations, guidelines, policies and the regulatory systems in place to deter
money laundering and the financing of terrorism. It also examined the capacity,
implementation and efficacy of these systems.
In a statement the Financial Services Commission (FSC) said it was “pleased
with the outcome of the mutual evaluation and the recognition given to the Territory’s
adherence to AML/CFT standards."
The statement added:
"However, the FSC recognises that there are areas
highlighted by the Report which call for improvement. In this context and in
the context of the continuing changing circumstances and improvements to the
global AML/CFT regime, the FSC is now focused on the adoption of appropriate
measures to effect necessary improvements to its areas of AML/CFT responsibility
in order to strengthen the Territory’s continued adherence to established
standards relating to the global war against money laundering and terrorist
financing.”
“The British Virgin Islands strives to ensure its continued place in
the international community as a leading and reputable international finance
centre. The Territory will continue to be a strong cooperative partner in the
shaping and implementation of compliance standards and supervision pertaining
to money laundering and terrorist financing, while ensuring a modern and conducive
atmosphere for the conduct of legitimate business.”
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