"The light that comes from wisdom never goes out"
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”
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”
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”
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 …
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”
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 …
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. …
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 …
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”