Even as the Virgin Islands has continued to step up its regulations and criminal penalties to deter financial crimes in recent years, the United States government once again has named the territory as a “jurisdiction of primary concern” for money laundering.
The list of “major money laundering countries,” as designated last week by the US State Department, includes 66 jurisdictions.
They include developing countries like Cambodia and Afghanistan; industrialised economies like the US, the United Kingdom, Germany and China; and financial centres like the VI, Cayman Islands, Hong Kong and Luxembourg.
The assessments, which are updated annually, are required by the US Congress before American government agencies can render foreign assistance, according to the report.
“In some cases, this classification may simply or largely be a function of the size and/or sophistication of the jurisdiction’s economy,” the report states. “In such jurisdictions, quick, continuous and effective anti-money laundering efforts by the government are critical.”
See the March 6, 2014 edition for full coverage.
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