Assertion On Publication Of Mutual Analysis Report Of The Virgin Islands






Premier Honourable Dr Natalio Wheatley has reacted to right this moment’s publication of the Mutual Analysis Report (Report) of the Virgin Islands by the Caribbean Monetary Motion Process Power (CFATF).

The Authorities has welcomed the Report and confirmed that it’s dedicated to scrupulously implementing its suggestions, as specified by the Nationwide Motion Plan, additionally revealed right this moment. This implementation course of shall be noticed by the CFATF by means of its follow-up course of.

Premier Wheatley stated: “We all know excessive requirements of monetary integrity and transparency that meet world requirements are important. The Authorities has prioritised sources to assist the work outlined within the Motion Plan and I’m assured that our private and non-private sectors will work collectively to make sure that we progress efficiently.”

Deputy Premier and Minister for Monetary Providers, Labour and Commerce, Honourable Lorna Smith, OBE stated: “The Report made numerous Suggestions and I can confirm that numerous these actions are already underway.

These embody:

  • Graduation of a revision of the Nationwide Anti-Cash Laundering/Countering the Financing of Terrorism (AML/CFT) Coverage
  • Updating and implementing danger evaluation frameworks and inspection processes of the FIA and Monetary Providers Fee (FSC)
  • Implementation of the digital belongings service supplier (VASP) regulatory framework by the FSC
  • Drafting of laws to handle minor technical gaps recognized within the Report
  • Guaranteeing that upkeep of helpful possession data is instantly with a public authority
  • Graduation of the terrorist financing danger evaluation of Non-Revenue Organisations by the Monetary Investigations Company (FIA)
  • The institution of a selected Sanctions Unit inside the Lawyer Basic’s Chambers to make sure better effectivity in coping with all sanctions associated issues
  • Particular coaching for legislation enforcement businesses and different related authorities on cash laundering investigative strategies and sanctions compliance
  • Measures to reinforce coordination and cooperation amongst legislation enforcement businesses and different competent authorities
  • Plans to replace our terrorist financing danger evaluation and assess the precise danger posed to the jurisdiction by authorized individuals and authorized preparations.   
  • The introduction of a Compliance and Governance Grasp Course to supply business professionals with important data and expertise.”

Lawyer Basic, Honourable Daybreak J. Smith confirmed that implementation of the Nationwide Motion Plan has began.

The Lawyer Basic stated: “The Minister’s presence on the CFATF Plenary in  November 2023 demonstrated the excessive stage of dedication of the Virgin Islands Authorities, its respect for the CFATF and its obligations as part of the Monetary Motion Process Power (FATF) International Community.  Now we have a powerful legislative framework in place and I consider this, along with the sturdy partnership between the private and non-private sectors, signifies that we will safeguard the integrity of our enterprise and monetary companies sector and implement the CFATF Suggestions in good time and to its satisfaction.”

Minister Smith added “All of these engaged in enterprise and monetary companies within the Virgin Islands – whether or not within the public or personal sector – should recognise that there are those that would misuse our companies. Our purpose is to make sure that the Virgin Islands is at all times a hostile surroundings for illegitimate monetary exercise. The partnership between ourselves, our competent authorities, legislation enforcement businesses and the personal sector, to determine and handle the dangers we face is significant. We should work collectively much more intently to mitigate them and efficiently pursue the prosecution of monetary crime.”

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