Caribbean Financial Action Task Force upgrades Virgin Islands British technical compliance ratings, all 40 FATF recommendations now compliant or largely compliant

The Caribbean Financial Action Task Force has published the Virgin Islands (British) second enhanced follow-up report and technical compliance re-rating, finding that the territory has made enough progress to secure upgrades on four Financial Action Task Force recommendations. Recommendation 8 on non-profit organisations was raised from non-compliant to largely compliant, Recommendations 24 and 26 from partially compliant to largely compliant, and Recommendation 28 from partially compliant to compliant. As a result, the Virgin Islands (British) is now rated compliant or largely compliant with all 40 FATF Recommendations. The report is limited to technical compliance and does not assess progress on effectiveness. The re-ratings were driven by measures including a 2024 terrorist financing risk assessment of the non-profit sector, amendments to the Financial Investigation Agency Act and Non-Profit Organisations Act to enable targeted risk-based supervision, and a February 2025 terrorist financing risk assessment of legal persons and arrangements. The report also points to company law and partnership law changes that tightened transparency requirements, including requiring directors to be appointed within 15 days of incorporation and beneficial ownership information to be filed within 30 days of incorporation, continuation or changes. While the upgrades close the previously identified technical compliance gaps, some recommendations remain at largely compliant rather than compliant because minor shortcomings remain in specific areas.