British Virgin Islands
FATF AML Deficiency List
US Dept of State Money Laundering assessment
Offshore Finance Center
Non - Compliance with FATF 40 + 9 Recommendations
The British Virgin Islands is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in The British Virgin Islands was undertaken by the Financial Action Task Force (FATF) in 2008. According to that Evaluation, The British Virgin Islands was deemed Compliant for 18 and Largely Compliant for 15 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for 1 of the 6 Core Recommendations.
US Department of State Money Laundering assessment (INCSR)
British Virgin Islands is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes.
The British Virgin Islands (BVI) is a UK overseas territory. Its economy is dependent on tourism and financial services. The BVI is a well-established, sophisticated financial center offering accounting, banking and legal services, captive insurance, company incorporations, mutual funds administration, trust formation, and shipping registration. At the close of June 2019, the commercial banking sector had assets valued at approximately $2.44 billion. BVI has committed to complying with OECD and EU rules on financial transparency and regulation. It has adopted the new global standard for the automatic exchange between jurisdictions of taxpayer financial account information. Potential misuse of BVI corporate vehicles remains a concern, but the government has put in place frameworks to guard against such abuse. Criminal proceeds laundered in the BVI derive primarily from domestic criminal activity and narcotics trafficking.
There are no international sanctions currently in force against this country.
BRIBERY & CORRUPTION
Rating (100-Good / 0-Bad)
Transparency International Corruption Index N/A
World Governance Indicator – Control of Corruption N/A
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.
Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements.
In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business.
Agriculture - products:
fruits, vegetables; livestock, poultry; fish
tourism, light industry, construction, rum, concrete block, offshore banking centre
Exports - commodities:
rum, fresh fish, fruits, animals; gravel, sand
Imports - commodities:
building materials, automobiles, foodstuffs, machinery
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