The BVI today welcomed the Caribbean Financial Action Task Force’s (CFATF) Plenary approval of an upgraded Second Enhanced Follow-Up Report on the Virgin Islands (British), confirming that the jurisdiction is now rated Compliant or Largely Compliant with all 40 Financial Action Task Force (FATF) Recommendations.
The positive outcome for the British Virgin Islands (BVI) comes as CFATF members convene in Bridgetown, Barbados this week for the organisation’s 61st Plenary and Working Group Meetings.
Upgrades Across All Key Technical Areas
The CFATF’s Second Enhanced Follow-Up Report recognises that the BVI has addressed all of the technical deficiencies identified in its 2024 Mutual Evaluation, and is now assessed as Compliant or Largely Compliant with every one of the FATF’s 40 Recommendations.
The report records important upgrades in four key areas:
- Recommendation 8 (Non-Profit Organisations) – from Non-Compliant to Largely Compliant
- Recommendation 24 (Transparency and Beneficial Ownership of Legal Persons) – from Partially Compliant to Largely Compliant
- Recommendation 26 (Regulation and Supervision of Financial Institutions) – from Partially Compliant to Largely Compliant
- Recommendation 28 (Regulation and Supervision of DNFBPs) – from Partially Compliant to Compliant
As a result, the BVI is now technically aligned with the full suite of global AML/CFT standards.
Stronger Framework, Clearer Signals to the Market
The upgraded ratings reflect sustained, coordinated work across the jurisdiction to:
- Strengthen beneficial ownership transparency, ensuring accurate and current ownership information for companies and partnerships is available to competent authorities
- Enhance risk-based supervision of financial institutions and designated non-financial businesses and professions (DNFBPs)
- Bolster the powers and tools available to the BVI’s competent authorities to detect, deter and disrupt misuse of the financial system
Together, these reforms send a clear signal to banks, investors and professional advisers that the BVI is not only open for high-quality cross-border business, but that it does so on a foundation that matches the most stringent international benchmarks.
Recognition Within the FATF Global Network
The CFATF’s upgraded assessment is being highlighted as regional and international partners meet in Bridgetown for the 61st Plenary and Working Group Meetings, where member countries report back on their progress and discuss follow-up reports such as the BVI’s.
For the BVI, the new ratings reinforce its position within the FATF global network as a cooperative, rules-based international finance centre that takes its responsibilities on financial crime, transparency and international cooperation seriously.
Ongoing Commitment to Effectiveness
While the Follow-Up Report focuses on technical compliance with the FATF Recommendations, work continues in the BVI to further enhance effectiveness – including investigations, prosecutions, confiscation of criminal proceeds and international cooperation – in line with the jurisdiction’s wider FATF Action Plan.
The upgraded ratings provide a strong platform for that ongoing work and underscore the BVI’s long-term strategy: combining robust regulation and transparency with a competitive, business-friendly environment that supports legitimate international trade and investment.
About the Report
The Second Enhanced Follow-Up Report on the Virgin Islands (British) has been prepared by the CFATF in accordance with its Fourth Round Mutual Evaluation Procedures and approved through the organisation’s Plenary process. It evaluates the BVI’s progress in addressing earlier technical compliance gaps and confirms that the jurisdiction is now rated Compliant or Largely Compliant with all 40 FATF Recommendations
About BVI Finance
BVI Finance is responsible for protecting and promoting the BVI’s financial services industry. The BVI is renowned as a leading international business and finance centre, offering a robust legal framework, a stable and business-friendly environment, and a strong reputation for regulatory compliance. With its strategic expertise in wealth management, corporate services, trusts, fund administration and digital assets, the BVI continues to attract global businesses, investors and financial professionals to use its products and services.
For further information please contact:
Shamahl A. Smith
Communications and Research Officer
ssmith@bvifinance.vg |Tel: 284-852-1957