The British Virgin Islands issued the Lebanon (Sanctions) (Overseas Territories) Order 2020, which modifies the sanctions against Lebanon pursuant to the Sanctions and Anti-Money Laundering Act 2018.
The British Virgin Islands Financial Services Commission published its annual report for the year 2018, analyzing its efforts to meet its strategic aims of ensuring compliance with legislation aimed at safeguarding the financial industry
Banque de Commerce et de Placements fined in Luxembourg for AML lapses, Austria expands investigations into Commerzialbank, and more, in the weekly roundup.
Caribbean Banks Found Workarounds After Losing Correspondent Accounts
At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.
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.
The Financial Services Commission of the British Virgin Islands issued a directive against the British Virgin Islands office of the Panamanian law firm pursuant to the Financial Services Commission Act, 2001. The directive orders the firm to restrict its business and refrain from entering contracts.
| 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 |