United States Virgin Islands Country Summary

The United States Virgin Islands is a territory of the United States. As such, we are including the information for the United States below:

FATF Status

The U.S.A. is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in the USA was undertaken by in 2024. According to that Evaluation, the USA was deemed Compliant for 9 and Largely Compliant for 23 of the FATF 40 Recommendations. It remains Highly Effective for 4 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

The United States Virgin Islands, as a territory of the United States, faces significant challenges related to crime and corruption, particularly in areas such as human trafficking, drug trade, and financial crimes. Despite these issues, the territory demonstrates resilience through robust legal frameworks and active civil society efforts aimed at supporting crime victims and enhancing public trust in governance.

The economy of the United States Virgin Islands is heavily reliant on tourism, which constitutes about 60% of the GDP and attracts millions of visitors each year. Despite facing economic challenges, particularly after the closure of the HOVENSA oil refinery in 2012, the tourism and service sectors have shown signs of recovery, although the overall economic situation remains precarious. The investment climate benefits from the territory's status as a U.S. territory, providing stability and access to U.S. markets, but is hindered by high public debt, a structural budget deficit, and the high cost of living and energy, despite various government tax incentives aimed at attracting investment.