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BVI: Anti-money Laundering National Risk Assessment

The BVI is scheduled to undergo its Fourth Round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) in 2017 based on the Financial Action Task Force’s (FATF) International Standard on Combating Money Laundering and the Financing of Terrorism and Proliferation.

Each member country of the FATF and its associated regional bodies are now required to ensure that they can identify and assess the risks associated with money laundering and terrorist financing and take action, including the designation of an authority or mechanisms to coordinate the assessment of the identified risks, and apply resources aimed at effective risk mitigation. 

In order to achieve this, countries have been encouraged to conduct National Risk Assessments (NRA) as a means of identifying and assessing the money laundering and terrorist financing risks affecting their jurisdictions.

The BVI Cabinet has therefore established the National Risk Assessment Council to serve as the policy making body responsible for leading the way forward on significant policy issues in relation to the conduct of the NRA.  The National Risk Assessment Steering Group has also been established to act as the central coordinating body for the NRA with full responsibility for the preparation of the NRA framework and the conduct and review of the NRA. This exercise will help to prepare the BVI for its 2017 CFATF Mutual Evaluation at which time the results of the NRA will play a key role.

In addition, the Public Education Committee (PEC) has been established and charged with the task of educating the public on Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) matters. In accordance with this mandate, the PEC has created a brochure which provides essential information on the National Risk Assessment exercise, background on the origins and the framework of the FATF and details of the Virgin Islands’ legislative framework as regards AML/CFT.

The steps put in place by the BVI authorities demonstrate its continuing commitment to combating money laundering, terrorist financing and proliferation financing.

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