The Financial Services Commission recently published its Financial Services Sectoral Money Laundering Risk Assessment Report.  Part of the Commission’s ongoing outreach programme is to inform industry participants of the findings of this report, to ensure all persons understand the ML risks identified within the financial services industry.   Understanding these risks will also assist financial institutions in carrying out their own risk assessments and implementing suitable policies to combat money laundering. 

The Commission will present the findings of this report specific to the fiduciary services sector during the first quarter of this year.  The presentation will be made virtually and should run for approximately one hour.  Further details would be provided once the dates are finalised, but we would be grateful if you would communicate our intent to your membership so they may be prepared.  Attendance should include not only management but persons who deal directly with risk and AML matters. 

All members and other relevant persons within the fiduciary services sector must be fully aware of the report and its implications.  The report can be found on the FSC’s website at https://www.bvifsc.vg/sites/default/files/money_laundering_risk_assessment_2020_report_final.pdf.
 
T'sa James Hodge
Chairman"