The British Virgin Islands (BVI) has reaffirmed its commitment to combating financial crime and enhancing regulatory compliance with the successful conclusion of its Collaboration and Commitment industry outreach session on Thursday, February 13, 2025.
This series of outreach sessions, which began in June of 2024, was launched to address key recommendations from the recent Caribbean Financial Action Task Force (CFATF) Mutual Evaluation Report. Designed to keep financial services professionals informed and engaged, the sessions provided critical updates on regulatory developments, risk assessments, and strategies to strengthen the jurisdiction’s anti-money laundering (AML) and counter-terrorist financing (CFT) framework.
The final event began with a welcome address from Ms. Ayana Glasgow, Executive Director of International Business Regulations at the Ministry of Financial Services, Economic Development, and Digital Transformation, who emphasized the government’s ongoing efforts to bolster the jurisdiction’s financial integrity. Setting the stage for the discussions ahead, she underscored the importance of collaboration between regulators, enforcement agencies, and industry stakeholders.
Kicking off the session, Ms. Lavonna Burrows, National AML Coordinator at the Attorney General’s Chambers, provided a comprehensive update on the progress of the National Action Plan. She outlined key initiatives undertaken to enhance compliance and oversight, reinforcing the BVI’s commitment to meeting international standards. Following this, Ms. Colette Corea, Crown Counsel at the Attorney General’s Chambers, led a discussion on Mutual Legal Assistance, shedding light on emerging trends and practical steps that industry stakeholders can take to facilitate effective cross-border cooperation in financial crime investigations.
Ms. M. Alva McCall, a member of the Legal Persons/Legal Arrangements Working Group, examined the risks associated with legal persons, legal arrangements, and terrorist financing. She highlighted the critical role of thorough due diligence in mitigating these risks and ensuring compliance with evolving international regulations.
Providing a law enforcement perspective, Herman Thompson from the Financial Crime Unit of the Royal Virgin Islands Police Force addressed the key challenges in financial crime investigations. He emphasized the importance of industry cooperation in identifying and reporting suspicious activities and explained how financial services providers can support enforcement efforts through timely and accurate disclosures.
Ms. Glasgow noted that although this event wrapped up the commitment and collaboration series, the Government would continue to educate the public on tackling financial crime through their Business Done RIGHT campaign.
For further information please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg |Tel: 284-852-1957