Virgin Islands Sets Ambitious Goal to Exit
The Virgin Islands aims to be removed from the financial grey list within two years, following its addition in June 2025 due to concerns over its Anti-Money Laundering framework. A comprehensive national action plan, involving both public and private sectors, is being implemented to address the deficiencies identified by the Financial Action Task Force.
In a significant move towards strengthening its financial regulatory framework, the Virgin Islands has set a goal to be removed from the global financial grey list within the next two years. Glasgow, during an appearance on ZBVI 780 AM's Talking Points on Monday, September 15, 2025.
The territory was placed on the grey list in June 2025 by the Financial Action Task Force (FATF), due to concerns related to its Anti-Money Laundering (AML) framework, particularly the identification processes for corporate beneficial owners. Following the grey listing, the Ministry of Finance quickly announced a comprehensive national action plan aimed at addressing the strategic AML and Counter-Terrorist Financing (CFT) deficiencies identified.
Glasgow emphasized the critical role of collaboration between the public and private sectors in formulating and executing this plan. She highlighted the proactive involvement of the private sector, alongside the Financial Services Commission, the National Investigation Agency, and the Financial Crimes Unit, in this endeavor.
The action plan focuses on several key areas including strengthening the beneficial ownership regime, enhancing regulatory oversight of financial institutions and company service providers, improving the reporting mechanisms for suspicious activities, and intensifying efforts on AML investigations and prosecutions.
The plan also includes the implementation of crucial legislation, such as the Anti-Money Laundering and Terrorist Financing Code of Practice, and aims to boost the territory’s international cooperation and risk assessment capabilities. Glasgow acknowledged the challenges ahead but remained optimistic about achieving the goal of delisting.
She pointed out that while prosecutions and investigations, which are crucial components of the plan, are time-consuming processes, the territory is committed to mobilizing the necessary resources, including technology, financial, and human resources, to ensure the successful execution of the action plan.
The Attorney General's Chambers, supported by Glasgow’s ministry, takes the lead in this critical mission. This ambitious goal underscores the Virgin Islands' commitment to adhering to international financial standards and enhancing its reputation as a compliant and transparent jurisdiction.
The success of this plan is not only crucial for the financial services sector but also for the overall economic well-being and international standing of the Virgin Islands.
Primary source: VINO