British Virgin Islands

Sanctions

No

FATF AML Deficient List

No

Higher Risk

US Dept of State Money Laundering assessment 
Not on EU White list equivalent jurisdictions
Offshore Finance Centre
Compliance of OECD Global Forum’s information exchange standard

Medium Risk

Compliance with FATF 40 + 9 Recommendations

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ANTI-MONEY LAUNDERING

 

FATF Status

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.

OVERVIEW

 

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 September 2017, the commercial banking sector had assets valued at approximately $2.3 billion.  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.

 

SANCTIONS

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

 

ECONOMY

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

Industries:

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

Country Links
British Virgin Islands Financial Services Commission
Financial Investigation Agency British Virgin Islands (FIA)
Other Useful Links
FATF
US State Department
Transparency International
World Bank
CIA World Factbook

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