Fatf Commends BVI Financial Compliance Progress
The Financial Action Task Force has formally recognized the Virgin Islands for significant progress in strengthening its anti-money laundering and regulatory framework. A territorial delegation attended the recent FATF Plenary in Paris, where officials noted that over 92 percent of national action plan items are completed or ahead of schedule. Government leaders reaffirmed their commitment to completing remaining benchmarks to safeguard the territory's financial services industry.
The Government of the Virgin Islands has welcomed formal recognition from the Financial Action Task Force (FATF) regarding the territory's sustained progress in strengthening its financial regulatory and anti-money laundering framework. The acknowledgement followed the FATF Plenary held in Paris, France, where a Virgin Islands delegation led by Attorney General Dawn J.
Smith reaffirmed the territory's commitment to fully implementing its international action plan. The delegation also included National AML/CFT Coordinator Lavonna Burrows and Financial Services Commission Deputy Managing Director of Regulation Glenford Malone. According to the government, more than 92 percent of the action items set out under the revised National Strategic Action Plan have now been completed or are progressing ahead of schedule.
The territory has maintained consistent momentum since entering a high-level political commitment with the FATF in June 2025. The global watchdog highlighted several major institutional and legislative milestones, including the operationalisation of the territory's new asset management framework designed to recover and manage criminal assets.
Other notable advancements include expanded risk-based supervision by the Financial Services Commission for corporate and trust service providers, increased resources for the Royal Virgin Islands Police Force Financial Crime Unit and the Office of the Director of Public Prosecutions, and upgraded beneficial ownership transparency through the VIRRGIN platform.
Smith stated that the positive feedback demonstrates that the territory's coordinated national strategy is delivering tangible results across regulatory oversight, transparency, and law enforcement. She emphasised that the government remains firmly focused on completing the remaining benchmarks required to meet the highest international standards.
Junior Minister for Financial Services and Economic Development Lorna G. Smith also reiterated the administration's resolve to safeguard the reputation of the Virgin Islands as a premier international financial centre. She commended the cross-sector collaboration between regulators, law enforcement, and private industry.
The Virgin Islands will continue its regular reporting to both the FATF and the Caribbean Financial Action Task Force as it works toward successfully concluding the increased monitoring process.
Primary source: BVI London Office