Virgin Islands Premier and Minister of Finance, Dr Hon Natalio D. Wheatley (R7), and his government have welcome a report on the publication of the Mutual Evaluation Report (Report) of the Virgin Islands by the Caribbean Financial Action Task Force (CFATF). Photo: Internet Source

'We know high standards of financial integrity and transparency that meet global standards are essential. The Government has prioritized resources to support the work outlined in the Action Plan and I am confident that our public and private sectors will work together to ensure that we progress successfully,' Premier Dr Wheatley said. Photo: VINO/File

Further, the Government has confirmed that it is committed to rigorously implementing its recommendations, as laid out in the National Action Plan and the implementation process will be observed by the CFATF through its follow-up process.

“We know high standards of financial integrity and transparency that meet global standards are essential. The Government has prioritised resources to support the work outlined in the Action Plan and I am confident that our public and private sectors will work together to ensure that we progress successfully,” Premier Dr Wheatley said.

Meanwhile, Deputy Premier and Minister for Financial Services, Labour and Trade, Hon Lorna Smith (AL) OBE said: “The Report made a number of Recommendations, and I can verify that a number of these actions are already underway.

The recommendation includes the commencement of a revision of the National Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Policy and Updating and implementing risk assessment frameworks and inspection processes of the FIA and Financial Services Commission (FSC)

More of the recommendations include the Implementation of the Virtual Assets Service Provider (VASP) regulatory framework by the FSC, drafting of legislation to address minor technical gaps identified in the Report, and ensuring that maintenance of beneficial ownership information is directly with a public authority.

More recommendations 

Other recommendations include the Commencement of the terrorist financing risk assessment of Non-Profit Organisations by the Financial Investigations Agency (FIA) and the establishment of a specific Sanctions Unit within the Attorney General’s Chambers to ensure greater efficiency in dealing with all sanctions-related matters amongst other issues.

Specific training for law enforcement agencies and other relevant authorities on money laundering investigative techniques and sanctions compliance also forms part of the recommendations. 

Meanwhile, Attorney General Hon Dawn J. Smith said, “The Minister’s presence at the CFATF Plenary in November 2023 demonstrated the high level of commitment of the Virgin Islands Government, its respect for the CFATF and its responsibilities as a part of the Financial Action Task Force (FATF) Global Network.” 

She added that there is a strong legislative framework in place and together with the robust partnership between the public and private sectors, the VI will be able to safeguard the integrity of its business and financial services sector and implement the CFATF Recommendations in good time and to its satisfaction.”

You can view the full report here.