BVI wins FATF backing on financial crime controls

The Financial Action Task Force (FATF) has commended the Virgin Islands for strengthening its defences against money laundering, terrorist financing and proliferation financing, following the Territory's participation in the organisation's Paris plenary this week.

A delegation headed by Junior Minister for Financial Services and Economic Development Lorna Smith and Attorney General Dawn J. Smith attended the meeting from 26 to 30 October. The group reported that every item on the Virgin Islands' FATF Action Plan is either finished, moving forward, or ahead of schedule.

The FATF confirmed that the Territory's system for tracking beneficial ownership substantially complies with international standards for keeping records current and accurate. Officials also highlighted improvements in the quality of Suspicious Activity Reports filed by banks and other financial businesses.

This represents the third time the Virgin Islands has formally reported to the FATF since entering the increased monitoring process. Work to overhaul the anti-money laundering and counter-terrorist financing system began after a high-level political commitment in June 2025.

The delegation also included Glenford Malone, Deputy Managing Director of Regulation at the Financial Services Commission, and Ayana Glasgow, Director of Financial Services at the Ministry of Financial Services, Economic Development and Digital Transformation.

Attorney General Smith said the results showed cooperation across government, regulators, law enforcement and the private sector. "In the months ahead, we will continue to actively build on these achievements and complete the outstanding actions within the agreed timeframe," she said.

Junior Minister Smith stressed that the government is dedicated to raising transparency and accountability within the financial system. She noted that the Territory has demonstrated its capacity to supply timely and accurate beneficial ownership details and to spot questionable transactions. The remaining targets under the revised National Strategic Action Plan are scheduled for completion by 2027.

During the plenary, the delegation also held talks with delegations from other nations, including the United Kingdom, to strengthen international cooperation.