Virgin Islands Final Progress Report on the Implementation of the Recommendations from the 2016 National Risk Assessment

Summary

This is the final progress report by the Virgin Islands AML/CFT Implementation Unit assessing how government competent authorities and law enforcement agencies have implemented the recommendations from the 2016 National Risk Assessment (NRA) on money laundering and terrorist financing risks. It is an informational status report, not a rule imposing new requirements on private-sector regulated entities.

The report grades each recommendation for the Governor's Office, Attorney General's Chambers, Financial Investigation Agency, Financial Services Commission, International Tax Authority, and various law enforcement and judicial bodies as Complete, Largely Complete, Partially Complete, or No Progress Made. It notes that responsibility for implementing NRA recommendations affecting financial institutions, DNFBPs and non-profit organizations lies with the FSC and FIA, and states that overall about 68% of recommendations were fully or largely implemented, with a further 27% partially implemented.

• Scope: Covers Governor's Office, Attorney General's Chambers, Financial Investigation Agency, Financial Services Commission, International Tax Authority, BVI Airports and Ports Authorities, Magistrate's Court, High (Supreme) Court, Royal Virgin Islands Police Force, Her Majesty's Customs, Immigration Department, and the Office of the Director of Public Prosecutions.
• Purpose: Serves as the final update on progress since the 2018 first progress report, ahead of new sectoral ML and TF risk assessments for financial institutions and DNFBPs.
• Nature: Purely a self-assessment/status document from the AML/CFT Implementation Unit; it does not create new legal or compliance obligations for private-sector regulated entities.

Applies to

Governor's Office, Attorney General's Chambers, Financial Investigation Agency, Financial Services Commission, International Tax Authority, BVI Airports Authority, BVI Ports Authority, Magistrate's Court, High (Supreme) Court, Royal Virgin Islands Police Force, Her Majesty's Customs, Immigration Department, Office of the Director of Public Prosecutions