Representatives of 14 government agencies signed an agreement last Thursday pledging closer co-operation in efforts to prevent money laundering in the Virgin Islands.

Fourteen government agencies publicly signed an agreement last Thursday pledging to work together to prevent money laundering and other illicit activities in the Virgin Islands.

Representatives of 14 government agencies signed an agreement last Thursday pledging closer co-operation in efforts to prevent money laundering in the Virgin Islands.
The agreement is part of the implementation of the VI National Risk Assessment Council, a comprehensive, cross-governmental approach to preventing illicit activity in the territory’s financial services sector.

The Caribbean Financial Action Task Force, a regional division of the international standard setter on regulations to prevent money laundering and terrorist financing, has examined the territory’s legal framework four times in recent decades. Its reviews of the VI’s efforts to prevent illicit activities have been mostly positive.

But with another review planned for 2017, officials began preparatory efforts last Thursday with a ceremony held at Maria’s by the Sea.

Robert Mathavious, the managing director of the Financial Services Commission, told the more than 100 government and private sector representatives in attendance that achieving high marks on these reviews is paramount to protecting the industry’s global reputation.

See the April 17, 2014 edition for full coverage.

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