The Deputy Governor’s Office hosted a meeting last month with members of non-profit and non-governmental organisations to discuss coming legislation that will affect them, according to Government Information Services.
David Archer, permanent secretary in the DGO, said a Financial Action Task Force recommendation obligates all countries and territories to review their laws governing NPOs and NGOs, which he said “can be used and abused for terrorist financing purposes.”
When the Caribbean Financial Action Task Force recently reviewed the Virgin Islands’ anti-money laundering regime, the territory’s regulation of the orgnisations received a rating of “partially compliant,” Mr. Archer said.
“The report clearly identified that there was no dedicated register of NPOs/NGOs in the territory and no oversight authority with the mandate to supervise NPOs/NGOs for [anti-money-laundering and counter-financing-of-terrorism] compliance, both of which are considered critical elements of the standard,” Mr. Archer said.
See the Jan. 4, 2012 edition for full coverage.