Virgin Islands reports positive progress at Fatf
The Government of the Virgin Islands reported concrete progress on its FATF Action Plan after presenting its first formal report under increased monitoring at the FATF Plenary in Mexico City (9–13 February 2026). A government press release (16 February) and local coverage by BVI News confirm improvements across key areas including beneficial ownership transparency, fit-and-proper checks and suspicious activity reporting, with officials saying many measures are on or ahead of schedule. The Territory will continue regular reporting and engagement with the FATF and the Caribbean FATF as it works to complete the remaining Action Plan items.
The Government of the Virgin Islands says it made concrete progress on its Financial Action Task Force (FATF) Action Plan after attending the FATF Plenary in Mexico City from 9–13 February 2026. The Territory provided the FATF with its first formal report since entering the FATF's increased monitoring process, according to a government press release issued on 16 February.
The delegation was led by the Honourable Attorney General Dawn J. Other officials on the team included Lavonna Burrows, National AML/CFT Coordinator of the National Coordination Unit within the Attorney General’s Chambers; Glenford Malone, Deputy Managing Director – Regulation at the Financial Services Commission; and Ayana Glasgow, Director of Financial Services in the Ministry of Financial Services, Economic Development and Digital Transformation, the Government release says.
The FATF recognised steps the Virgin Islands has taken since the Territory made a high-level political commitment in June 2025 to strengthen the effectiveness of its anti-money laundering, counter-terrorist financing and counter-proliferation financing framework. The Government said the Plenary highlighted improvements such as stronger fit-and-proper assessments, better public availability of basic information on legal persons, and increased awareness of how legal persons can be misused for money laundering and terrorist financing.
Smith told the FATF and the public that the first report under increased monitoring "demonstrated the Territory’s determination to meet international commitments" and emphasised progress on beneficial ownership transparency and reinforced regulatory safeguards. "We are on, and in several areas ahead of, schedule in meeting our commitments," the Government quoted her as saying in its statement.
Junior Minister for Financial Services and Economic Development, Honourable Lorna Smith OBE, welcomed the FATF’s constructive engagement and reiterated the Government’s commitment to fully implement the remaining Action Plan measures. The comments were published both in the Government release and in local media coverage by BVI News.
Specific measures under way include monitoring and supervision of higher-risk entities, improving the quality of suspicious activity reports (SARs), populating and verifying the Beneficial Ownership Register, conducting risk-based inspections, and increasing law enforcement resources to support more money-laundering investigations.
The Government also said sanctions imposed by the FSC for AML/CFT/CPF non-compliance have been adequate, proportionate and dissuasive, and have driven higher compliance among regulated firms. Officials stressed these reforms are intended to protect jobs and the Territory’s reputation as an international financial centre by preserving market access and investor confidence.
The Government said it will remain fully engaged with the FATF and the Caribbean Financial Action Task Force (CFATF), continue collaborative engagement with their Secretariats, and document progress according to the agreed reporting schedule as it works toward completing the Action Plan.
For media or public enquiries the Government listed BVIGovernment@dgagroup.com and the public telephone number 1(284)468-3701, and noted that additional services and a virtual booking system are being rolled out. Local reporting by BVI News on 16 February reiterated the Government's account and the delegation's statements, corroborating the details of the progress reported in Mexico City.
The Government will provide further updates as it continues implementation and follow-up with international partners.
Primary source: BVI Government