"Sanctions are everyone’s business." This was the key message underscored by Kisha Frett, Sanctions Coordinator at the Sanctions Unit, Attorney General’s Chambers, during BVI Finance’s Breakfast Forum webinar held on Tuesday, February 18, 2025. The session provided key insights into the revised sanctions guidelines, delegation of powers, legislative updates, and best practices for compliance.
Ms. Frett outlined the roles of key stakeholders in sanctions implementation, including the Governor, Attorney General, Financial Investigation Agency (FIA), and the Financial Services Commission (FSC). She emphasized the importance of understanding the delegation of powers and how each entity contributes to the enforcement of sanctions in the Virgin Islands.
The forum also covered legislative updates, with a focus on key amendments to the Virgin Islands legislation, including the Proliferation Financing (Prohibition) Act, 2021, and the Counter-Terrorism Act, 2021. Attendees gained valuable insights into the latest regulatory requirements and their implications for financial institutions and businesses operating in the jurisdiction.
Revisions to sanctions guidelines were a major topic of discussion, particularly in relation to asset freeze requirements and reporting obligations. Ms. Frett highlighted the importance of compliance with these guidelines to ensure that the BVI remains a responsible and reputable financial hub.
Providing practical guidance, Ms. Frett shared best practices and case studies to illustrate real-world typologies and compliance strategies. She stressed that sanctions compliance is a collective responsibility, urging stakeholders to take proactive measures.
“What do we need you to do? Implement robust systems, be vigilant against evasion, freeze assets, report as required, and seek legal advice when needed,” Ms. Frett stated. “By staying informed and proactive, we can collectively strengthen the BVI’s financial integrity and uphold its reputation as a compliant financial jurisdiction.”
Ms. Frett encouraged participants to keep updated on the sanctions notices disseminated by the FSC and the FIA. She also highlighted that The Office of Financial Sanctions Implementation (“OFSI”) maintains a consolidated list of financial sanctions targets on its GOV.UK webpage.
BVI Finance remains committed to providing the industry with the latest regulatory updates and best practices through initiatives like the Breakfast Forum. The event served as a platform for industry professionals to stay informed and ensure adherence to global standards.
Click here to watch video.
For any sanctions-related inquiries, please email sanctions@gov.vg.
For further information please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg |Tel: 284-852-1957