BVI 'in very good place' to exit FATF grey list within two years

The British Virgin Islands is on track to leave the Financial Action Task Force's grey list within its agreed two-year timeframe, Junior Minister for Financial Services Lorna G. Smith said this week.

Speaking on ZBVI 780 AM on Monday, Smith said the territory is "in a very good place" as it works toward removal from the FATF's increased monitoring list. She expects to attend the next FATF plenary meeting in France starting October 23, where progress will be assessed.

The BVI was placed on the grey list in June 2025 after failing to meet international standards for combating money-laundering and terrorist financing. The government committed to completing its action plan within two years, setting a target date of June 2027.

Smith said the territory is now compliant with all 40 FATF recommendations. At a June 2026 plenary in Paris, the FATF acknowledged the BVI's progress, noting that more than 92 per cent of actions in its revised national plan had been completed or were ahead of schedule.

Smith cautioned that no outcome can be announced before the October meeting, as the result will depend on developments at the plenary. The government plans to issue a statement after the meeting to update the territory on its position.