British Virgin Islands

New Documents

British Virgin Islands FSC Extends Reporting Deadline for AML Returns

The British Virgin Islands’ Financial Services Commission issued an industry circular extending the deadline for filing Anti-Money Laundering returns related to the 2023 reporting period due to upcoming public holidays.

April 2, 2024

OFSI Amends Single Entry on Russia Sanctions List

HM Treasury’s Office of Sanctions Implementation amended one consolidated list entry pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019.

March 27, 2024

HM Treasury Adds Two Individuals to Domestic Counter Terrorism Sanctions List

March 27, 2024

British Virgin Islands FSC Holds Forum

March 27, 2024

HM Treasury Adds Two Individuals, One Entity to Cyber Sanctions List

March 25, 2024

News

Midweek Roundup: Australian Casino Giant Hit with AML Penalty, UK Sanctions Officials Investigate Soccer Club Owner, and More

U.S. Supreme Court could upend AML rules, Jamie Dimon denies Epstein communications, and more, in the midweek roundup.

May 31, 2023

Weekly Roundup: BVI Leader’s Arrest Complicates Global AML Assessment, Treasury Targets Cryptocurrency Mixer, and More

Accused NatWest money launderer stands trial, pressure builds on EY in Germany, and more, in the weekly roundup.

May 6, 2022

BVI in Corruption and Governance Crisis Ahead of FATF Evaluation

May 6, 2022

Legal Brief: Catching up with Caribbean Beneficial Ownership Initiatives

March 30, 2022

Midweek Roundup: DOJ Outlines Compliance Certification Plan, Treasury Wants More Reporting on Russian Transactions, and More

March 23, 2022

Enforcement Actions

British Virgin Islands FSC Fines ILS Fiduciary Ltd. $35,000 for AML Violations

The British Virgin Islands’ Financial Services Commission fined ILS Fiduciary Ltd. $35,000 for anti-money laundering violations.

April 12, 2023

British Virgin Islands: Intertrust Corporate Services Ltd. Fined $30,000 for AML/CTF Violations

The British Virgin Islands’ Financial Services Commission announced that the London, U.K.-based company was fined $30,000 for violating the Anti-Money Laundering Terrorist Financing Code of Practice.

March 15, 2023

BVI Regulator Fines Quijano & Associates (BVI) Limited $30,000 for AML/CTF Violations

October 10, 2022

BVI Regulator Fines McNamara Corporate Services Limited $20,000 for AML/CTF Deficiencies

March 3, 2022

British Virgin Islands FSC: Mossack Fonseca & Co. (B.V.I) Ltd. Must Appoint Qualified Advisor on Business Affairs

April 29, 2016

Key Documents

British Overseas Territories Adopt UN Counter Terrorism Measures

October 9, 2001

UK Issues Anti-Terrorism Order 2002 Applicable to Six Overseas Territories

July 16, 2002

British Virgin Islands Imposes AML Obligations on Non-Financial Businesses

February 22, 2008

Bahamas Imposes Reporting Requirements on Investment Fund Operators

December 31, 2003

British Virgin Islands Issues Consolidated AML Code

February 22, 2008

British Virgin Islands Enacts Proliferation Financing (Prohibition) Act of 2009

November 11, 2009

British Virgin Islands Issues New Act to Regulate MSBs, Financing Companies

June 29, 2009

BVI Governor in Council Issues Order for Enforcement of Confiscation Orders from Other Countries

September 29, 1999

British Virgin Islands Authorizes Seizure of Criminal Proceeds

September 30, 1997

Important Facts

The U.S. State Department labels the British Virgin Islands as a major money laundering jurisdiction. The economy of this UK overseas territory depends greatly on tourism and the offshore financial sector. As of June 2020, its commercial banking sector had assets valued at $2.28 billion. Exploitation of its offshore financial services and the unique share structure that does not require a statement of authorized capital pose significant money laundering risks to the jurisdiction. It is a favored destination for incorporating new companies and registering shell companies. Also, its proximity to the U.S. Virgin Islands and the use of the U.S. dollar for its currency add risks for money laundering. The British Virgin Islands is a major target for drug traffickers, who use the area as a gateway to the United States. Know your customer and suspicious transaction report requirements cover banks, money services businesses, insurance companies, investment businesses, insolvency practitioners, trust and company service providers, attorneys, notaries public, accountants, auditors, yacht and auto dealers, real estate agents, dealers in precious stones and metals, dealers in other high-value goods, and non-profit organizations. The British Virgin Islands applies enhanced due diligence procedures to politically exposed person.

-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical	Effectiveness
Compliant : 11	High : 0
Largely Compliant : 25	Substantial : 0
Partially Compliant : 3	Moderate : 4
Non-Compliant : 1	Low : 7

BASEL i

Rank : N/A

Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A

Score : N/A

Tax Justice Network i

Rank : 9/133

Score : 71/100