Virgin Islands Advances Fight Against Financial Crime Through National Action Plan

The Virgin Islands government has reaffirmed its commitment to combating financial crime and enhancing its financial regulatory framework as it implements the Virgin Islands National Action Plan. Premier Dr. the Honourable Natalio D. Wheatley shared key updates during the first government press conference of 2025, held on January 24.

“The Virgin Islands underwent a mutual evaluation review conducted by the International Monetary Fund on behalf of the Caribbean Financial Action Task Force,” said Premier Wheatley. “This process culminated in a comprehensive report published in February 2024, which outlines 64 specific actions necessary to enhance our AML, CFT, and CPF frameworks and policies.”

The National Action Plan, developed in response to the findings of the mutual evaluation, highlights the territory’s efforts to align with international anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) standards. Premier Wheatley credited government agencies, law enforcement, competent authorities, and private sector partners for their contributions in driving significant progress.

“We are encouraged by the progress made so far in implementing the National Action Plan,” Premier Wheatley said. “Their collaboration has been instrumental in driving meaningful change and addressin

g the findings of the mutual evaluation.”

Significant legislative reforms and the publication of extensive guidance for the financial services sector were key priorities in 2024, with further reforms slated for 2025. Premier Wheatley emphasized that these measures are essential to maintaining compliance and governance in the financial sector.

As part of its outreach efforts, the government has led a “Commitment and Collaboration” series in partnership with the BVI Association of Compliance Officers, the BVI Association of Registered Agents, and other supervisory bodies. The next session is scheduled for February 13, 2025.

In addition, the government is preparing to launch a public awareness campaign under the theme “Business Done RIGHT”. RIGHT represents Responsibility, Integrity, Global honesty, and Transparency. Premier Wheatley noted, “This campaign is an important step in engaging and educating the public, fostering a collective effort across all demographics to combat financial crime in the Virgin Islands.”

Premier Wheatley highlighted the importance of the Asia-Pacific region as a key market for the Virgin Islands’ financial services industry. “The region generates significant business for the BVI,” he said. “We have built some strong relationships there which we must continue to strengthen. It is also important for us to ensure that we create awareness of our offerings and remind players why the BVI is the best place to do business.”

As the post-observation period for the mutual evaluation draws to a close, Premier Wheatley underscored the need for continued efforts to fully implement the National Action Plan.

“While much has been accomplished, there is still more to do,” he stated. “We remain steadfast in our resolve to execute the road map set out in the National Action Plan. I will continue to provide updates on our progress as we work to fully remediate the recommendations from the mutual evaluation and further strengthen the Virgin Islands’ AML, CFT, and CPF framework.”