2023 Money Laundering and Terrorist Financing Risk Assessments Survey

The Virgin Islands' National AML/CFT Strategy and Policy require the Territory to keep its understanding of money laundering (ML) and terrorist financing (TF) risks up to date. The Territory has sought to do this through continual assessment and updating of the Virgin Islands’ 2016 National Risk Assessment through individual ML and TF risk assessments carried out in 2020. 

The National Anti-money Laundering Coordinating Council (“NAMLCC”) has now charged the Financial Services Commission ("the FSC") and the Financial Investigation Agency ("the FIA") with carrying out updates to these assessments. Therefore, the FSC and the FIA are seeking your support in gathering data to assist in identifying the relevant ML and TF risks that currently impact the Territory by completing a short online survey. 

Who should complete: All financial services licensees, qualifying designated non-financial businesses and professionals and non-profit organisations:

• Banks
• Financing businesses
• Money services businesses
• Insurers and insurance intermediaries
• Investment business licensees (including approved investment managers),
• Trust and corporate service providers) including those providing trustee and company management services)
• Insolvency Practitioners
• Lawyers
• Accountants
• Real estate agents
• Jewellers and dealers in precious metals and stones
• Car dealers
• Yacht brokers
• Other high-value goods dealers
• Non-profit organisations

When: Surveys should be completed by 30 December 2022

Why: Updating these assessments will allow the Virgin Islands to:

• identify any changes to the ML and TF risks affecting the Territory;
• put measures in place to effectively mitigate such risks; and
• ensure an ongoing understanding of its money laundering (ML) and terrorist financing (TF) risks

The FSC and the FIA thank you for your cooperation and look forward to receiving your submissions.