British Virgin Islands updates its National Action Plan for financial integrity

The government of the British Virgin Islands made some significant updates to its National Action Plan to strengthen financial integrity along with jurisdiction’s compliance. The progress was made after the fourth round publication of the Caribbean Financial Action Task Force Mutual Evaluation Report, also called the CFATF report.

The intention of the government with changes in the National Action Plan of the British Virgin Islands is to match international standards. Premier Dr Natalio Wheatley shared her words in relation to the new progress, where she also highlighted the commitment of the government.

Dr Natalio Wheatley stated, “Our government is dedicated at the highest levels to remediating the recommended actions outlined in the Mutual Evaluation Report. We will continue to invest in the required financial and technical resources to achieve these critical objectives.”

Lorna Smith, the Deputy Premier and Minister for Financial Services, Labour and Trade for the British Virgin Islands, also highlighted the effort of the government in collaboration with law enforcement agencies and competent authorities along with the private sector.

Lorna Smith stated, “We all recognise the cause of identifying and combating financial crime as vital. We will ensure together that the right mechanisms are in place to do so effectively.” The minister is also set to present her views at the Caribbean Regional Compliance Association Conference to a group of Compliance professionals in St Maarten.

The conference is organized by the British Virgin Islands Association of Compliance Officers and Practitioners. The focus of the platform is to inspire and inform the professionals in Compliance, Regulatory, and Anti-Money Laundering about the necessary actions and encourage them to take relevant steps.

The Caribbean Regional Compliance Association Conference is mentioned as a crucial platform to share the best practices by financial professionals in the region. The offices with platforms are commited to maintaining high standards of financial integrity. The officials also highlighted the vision in the recently held Mourant Financial Services Conference.

Minister Lorna Smith stated at the Mourant Financial Services Conference, “The British Virgin Islands will always be a hostile environment in order to illegitimate financial activity. Therefore, high standards of financial integrity and transparency are essential to meet global standards.”

Lorna Smith also mentioned further about the approach of government with the new National Action Plan, “As a jurisdiction, we, in the Virgin Islands, have never wavered in our commitment to prevent those who would misuse our financial services system from accessing it.”

“We have developed a reputation for agility and innovation, and I know that your clients appreciate the legislative and regulatory regime of the Virgin Islands, our British Virgin Islands advantage,” she said.