British Virgin Islands: Government agencies sign agreement pledging to work against money laundering

The BVI Beacon reports on an agreement by fourteen government agencies “pledging to work together to prevent money laundering and other illicit activities in the Virgin Islands.”

The agencies are preparing for a review of the country´s legal framework in 2017 by the Caribbean Financial Action Task Force, the international standard setter. According to the article, the organization´s reviews of the BVI so far have been “mostly positive”.

The US State Department is less keen: its most recent report on money laundering in March 2014 found that the BVI´s offshore financial sector has significant money laundering risks, including the lack of mandatory filing of company ownership information. It also notes that “the UK is responsible for the BVI´s international affairs”.

The Beacon article makes no mention of Offshore Leaks. A BVI public consultation on the issue of company ownership closed in January, but the responses do not seem to be available yet.


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