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article under the tag
money laundering

June 19, 2025

VI on ‘grey list,’ but leaders aim to exit in 2 years

In a move that could tarnish the Virgin Islands’ reputation and frustrate its financial sector, a global anti-money-laundering watchdog has added the territory to its list of 24 jurisdictions under …

Continue reading “VI on ‘grey list,’ but leaders aim to exit in 2 years”

by FREEMAN ROGERS
FATF plenary in Strasbourg, France
March 18, 2024

Money-laundering review rates VI below rivals

Compared with at least two overseas territories that operate rival financial industries, the Virgin Islands still has a “mountain to climb” when it comes to proving its effectiveness in combating …

Continue reading “Money-laundering review rates VI below rivals”

by Shaun Connolly
March 12, 2024

EDITORIAL: Anti-money laundering regime must be improved dramatically

The Virgin Islands received a harsh wake-up call last month. The latest mutual evaluation by the Caribbean Financial Action Task Force highlighted glaring deficiencies in the territory’s systems for combatting …

Continue reading “EDITORIAL: Anti-money laundering regime must be improved dramatically”

by The BVI Beacon
August 29, 2022

Money launderers targeting hotels

Money launderers have been targeting the Virgin Islands hospitality industry, the Financial Investigation Agency warned recently. The agency’s Financial Investigation Unit issued a press release last month advising hotels, resorts …

Continue reading “Money launderers targeting hotels”

by CLAIRE SHEFCHIK
May 4, 2022

US seeks to detain Fahie, Maynard for pre-trial

In advance of a pre-trial detention hearing for Premier Andrew Fahie and BVI Ports Authority Managing Director Oleanvine Maynard set for Wednesday in a Miami court, prosecutors argued that the …

Continue reading “US seeks to detain Fahie, Maynard for pre-trial”

by Dana Kampa
July 9, 2021

Guv okays bills to deter financial crime

Six bills designed in large part to deter financial crime took effect recently after receiving assent from Governor John Rankin. The Proliferations Financing (Prohibition) Act, 2021, passed in the House …

Continue reading “Guv okays bills to deter financial crime”

by Dana Kampa
July 2, 2021

Laws to crack down on financial crimes

To help the territory stay abreast of changing international standards, the House of Assembly passed a trio of bills last week aimed at countering money laundering, terrorism and proliferation financing. …

Continue reading “Laws to crack down on financial crimes”

by Dana Kampa
May 26, 2020

New EU rules to combat money laundering

In response to outcry from several countries, the European Commission published a new anti-money-laundering action plan this month and added 12 more countries to its AML blacklist. The addition of …

Continue reading “New EU rules to combat money laundering”

by CLAIRE SHEFCHIK
September 9, 2019

EU anti-money laundering blacklist to be revisited

Next month, the European Union will revamp its methodology for compiling its anti-money laundering blacklist, after a previous list was blocked by EU governments that objected to the listing of …

Continue reading “EU anti-money laundering blacklist to be revisited”

by CLAIRE SHEFCHIK

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