The British Virgin Islands Ministry of Finance published the Territory’s inaugural National Money Laundering, Terrorist Financing and Proliferation Financing Risk Assessment of Legal Persons and Legal Arrangements, mandated under revised Financial Action Task Force (FATF) Recommendations 24 and 25. The assessment reviews potential misuse of BVI legal persons and legal arrangements for money laundering (ML), terrorist financing (TF) and proliferation financing (PF), and proposes targeted mitigating measures. The report finds most legal persons are subject to strong regulatory oversight, but flags inherent risks from the global nature of financial services and complex cross-border structures, particularly for BVI Business Companies, trusts and limited partnerships. Residual ML misuse risk is assessed as “Medium High” across most legal persons and arrangements. The work was conducted under the National Anti-Money Laundering Coordinating Council through a multi-agency group including the Financial Investigation Agency, Financial Services Commission, police and the Attorney General’s Chambers, alongside private-sector consultations. The Government said the assessment will inform the next phase of policy reform, enforcement priorities and international cooperation initiatives.
Ministry of Finance (British Virgin Islands) 2025-04-16
British Virgin Islands Ministry of Finance publishes inaugural national risk assessment of legal persons citing medium-high residual money laundering risk
The British Virgin Islands Ministry of Finance released its first National Risk Assessment of Legal Persons and Arrangements, as required by revised FATF Recommendations 24 and 25. It identifies a "Medium High" residual risk of money laundering misuse, particularly in BVI Business Companies, trusts, and limited partnerships, due to global financial services and complex cross-border structures. The findings will guide future policy reforms, enforcement priorities, and international cooperation efforts.