.png)
Premier Smith baffled VI on money laundering list
The report released on March 2, 2016, lists the Virgin Islands as among 14 Caribbean countries allegedly involved in major money laundering.
According to the US State Department’s definition, a major money laundering country is one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking."
International Narcotics Control Strategy Report (INCSR) claims that the VI financial institutions receive significant amounts of proceeds from international narcotics trafficking.
The VI is on the list with countries such as Haiti, Colombia, Costa Rica, Guatemala, St Maarten, Venezuela, and the Dominican Republic to name a few.
It said that the VI uses suspicious activity reports (SARs) rather than suspicious transaction reports (STRs). SARs, in general, relate to suspicious activities by a broad range of entities, rather than suspicious financial transactions. Therefore, the cited 234 reports encompass all types of suspicious activities, including those of a financial nature, the report said.
It said that from January through September 2015, the VI Enforcement Committee reviewed 51 enforcement cases, resulting in seven administrative penalties, five license revocations, and four warning letters.
“There is collaboration between BVI law enforcement and regional as well as US law enforcement agencies, resulting in several successful operations targeting drug smuggling and drug dealing. There have been 25 money laundering related prosecutions and 15 convictions since 2008,” the report said.
Even the US is in the report – Dr Smith
However, when asked yesterday March 21, 2016 for a reaction to what was written in the report, Premier Smith said, “The US Narcotics Report is a report that is put out every year...I'm not sure when it started but it was for several years. The BVI has been on it for several years, just as the United Kingdom has been on it, France has been on it, Spain has been on it, even the United States is on it.”
He said that it is a report which indicates where it is possible because of the regimes that these countries have in place.
“What I am saying is the fact that they have that report, along with these other countries, indicates that there is a level of investigation that the United States has with all countries of the world and there is a threshold of activity and potential activity which obtains for the BVI, the United Kingdom, France, Spain, Italy, The Cayman Islands, most of the major countries of the world,” said Premier Smith.
.png)
Follow Us On
18 Responses to “Premier Smith baffled VI on money laundering list ”
illegal holds on perfectly legitimate checks, and driving out good people. ever hear of mass hysteria or witch hunts?
or should those just be called the 'us government on drugs'? now go start a riot upon the innocent again. my lord.
well what the heck do you think is going to happen? The money and the good customers go elsewhere. No one
wants to be under suspicion for 'money laundering' just because the bank management has gone paranoid. Or
information about a depositor's whole family and deceased parents is required. My god, that is insane and it has
happened here. Some people in the BVI don't want that let out, but that statement does not mean that it is anyone
in the government. More like the banks in question owned from North North America..
I swear Enid Scatliffe children know more about what's going on in the territory than him.
Boy, I wish I could sing and had musical talent! I'd enter this year calypso competition and write a song about him called "The Know-Nothing Chief!"
-Afghanistan
-Antigua and Barbuda
-Argentina
-Australia
-Austria
-Bahamas
-Belize
-Bolivia
-Brazil
-British Virgin Islands
-Burma
-Cambodia
-Canada
-Cayman Islands
-China
-Colombia
-Costa Rica
-Curacao
-Cyprus
-Dominican Republic
-France
-Germany
-Greece
-Guatemala
-Guernsey
-Guinea-Bissau
-Haiti
-Hong Kong
-India
-Indonesia
-Iran
-Iraq
-Isle of Man
-Israel-West Bank/Gaza
-Italy
-Japan
-Jersey
-Kenya
-Latvia
-Lebanon
-Liechtenstein
-Luxembourg
-Macau
-Mexico
-Netherlands
-Nigeria
-Pakistan
-Panama
-Paraguay
-Philippines
-Russia
-Singapore
-Somalia
-Spain
-St. Maarten
-Switzerland
-Taiwan
-Thailand
-Turkey
-Ukraine
-United Arab Emirates
-United Kingdom
-Uruguay
-Venezuela
-Zimbabwe
I am convinced this man is an id*ot!!