The British Virgin Islands Financial Services Commission (BVIFSC) has published its “Money Laundering Risk Assessment 2020” report on December 10th, 2020. The report presents the findings of sectoral assessments for the period 2015 to 2019 and is a follow-up to the country’s 2016 National Risk Assessment report. Subsequent to the 2016 report, a “Progress Report on the Implementation of the Recommendations from the National Risk Assessment” was also published in 2017 by the Ministry of Finance. The BVI conducted its first national anti-money laundering/ counter terrorist financing (AML/CFT) risk assessment in 2014.
The Acting Managing Director of the BVIFSC, Ms. Jennifer Potter-Questelles noted that the 2020 report “critically reviewed the ML risks posed by each of the sectors under our supervisory remit, against the backdrop of the ML threats to which the Virgin Islands is exposed”. She further explained that the assessment enhanced the ability of regulated entities to identify specific ML risks within their respective sectors. Consequently, the BVIFSC and entities under their purview can employ appropriate measures to effectively mitigate and manage these and other emerging risks.
The full report can be read here.