The U.K. Foreign Secretary Liz Truss issued a written statement announcing the U.K.’s decision to refrain from imposing direct rule on the British Virgin Islands.
The Financial Services Commission issued a circular to remind entities that they are required to comply with all sanctions issued by the U.K. as extended to the British Virgin Islands by the Overseas Territories Sanctions Orders.
Accused NatWest money launderer stands trial, pressure builds on EY in Germany, and more, in the weekly roundup.
BVI in Corruption and Governance Crisis Ahead of FATF Evaluation
The arrest of British Virgin Islands Premier Andrew Fahie on U.S. drug trafficking and money laundering charges in Miami last month amounts to more than just a temporary, albeit significant, source of embarrassment for the overseas territory.
The British Virgin Islands Financial Services Commission issued a $20,000 administrative penalty against the Road Town-based corporate services provider for violating the Anti-Money Laundering Terrorist Financing Code of Practice, 2008.
The Financial Services Commission issued an enforcement action against the British Virgin Islands-based office of the Panamanian law firm requiring it to appoint a qualified person to advise it proper business conduct pursuant to the Financial Services Commission Act.
| Technical | Effectiveness |
|---|---|
| Compliant : 18 | High : |
| Largely Compliant : 15 | Substantial : |
| Partially Compliant : 15 | Moderate : |
| Non-Compliant : 1 | Low : |
| Rank : N/A |
| Score : N/A |
| Rank : N/A |
| Score : N/A |
| Rank : 9/133 |
| Score : 71/100 |