CONFIRMED: BVI placed on financial services grey list
The Financial Action Task Force (FATF) has placed the BVI on their grey list, which means the territory is still working to address serious deficiencies in the financial services industry.
FATF is an international body that sets standards for combating money laundering and terrorist financing. Their 2024 mutual evaluation report highlighted gaps in the BVI’s system related to corporate beneficial owners.
A BVI delegation attended an important FATF meeting in Europe last week, where they acknowledged the territory’s status on the grey list. A statement from the government said the grey list status means the BVI is under FATF’s “increased monitoring” process to refine its anti-money laundering and counter-terrorist financing framework.
The government also stated that the territory will implement targeted measures, which include risk-based supervisory effectiveness and reporting, as well as systematically pursuing money laundering investigations and prosecutions, among other measures. These targets are expected to be met in the next two years.
The BVI has made notable progress in improving the financial services industry which makes up some 60 per cent of the territory’s annual revenue.
Notable progress over the last year alone has included amending or enhancing over 20 pieces of legislation, such as the Anti-Money Laundering and Terrorist Financing Code of Practice and the Proliferation Financing (Prohibition) Act.
Premier Dr Natalio Wheatley, stated that he is confident in the robustness of the territory’s framework and the proactive steps being taken to improve effectiveness in combating financial crime.
The UK has been pushing for its overseas territories, including the BVI, to implement publicly accessible registers of beneficial ownership (PARBOs).
These registers are meant to reveal the real individuals behind companies, a move that anti-corruption advocates argue is essential to curbing money laundering, tax evasion, and financial crime.
However, BVI leaders have pushed back, contending that such transparency could discourage current and potential clients from doing business in the territory. The BVI has also maintained that it supports publicly accessible registers, but only if they are adopted as a global standard.
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Blame Lorna Smith who responsible for ruining the financial services and having people vouch for her that she is an expert!
Donkey City!
So correct, I drop the blame on Lorna and the s**w Premier. While he is away somewhere on a Father’s Day vacation/retreat he is sending out Father’s Day messages to the men that could not take a decent shower or had electricity on said day. Meanwhile wherever he is laying up in luxury accommodations, he have access to unlimited water and electricity. What a damn hypocrite. When he comes back to the Territory…. I see a rebellion from the people taking place soon.
How long have we had to be ready for this day? Can’t get our act together (again). Someone needs to be held accountable. This circus act must end now.
All the trips to London, Asia, St Maarten…NONE WERE NECESSARY! Stay home and do the work instead of travelling and PRETENDING to do work. Grey list means F Grade for the government’s performance. Inadequate, incompetent, incapable…the country is going BACKWARD EVER BACKWARD EVER
So if financial services our bread and butter why we behind playing catch up with regulations and compliance ending up on grey list. I can understand our position on the public register of beneficial ownership especially if everyone else doesn’t have to comply and do it too but why we behind on the other things as well? It doesn’t seem like we on the grey list because of the public register. This whole government need to do better sooner rather than later. The fate of our nation at stake and these man liming in Paris and Brazil and New York and all over.
Lorna seems to be the most serious deficiency along with our Minister for Finance and Parties.
Algeria, Angola, Bolivia, Bulgaria, Burkina Faso, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Haiti, Kenya, Lao PDR, Lebanon, Monaco, Mozambique, Namibia, Nepal, Nigeria, South Africa, South Sudan, Syria, Venezuela, Vietnam, Virgin Islands (UK), Yemen
So we the only uk overseas territory that in this business that on this list basically. Cayman and all the rest of them doing what they supposed to do but not us.
Oh snap! Bee wee oy, yuh large! Look at your comparable jurisdictions when it comes to tackling financial crime. Take a goooood look at it. Where are your fellow caribbean neighbours that you keep putting down? Don’t worry, I checked the blacklist and they are not there either. Is this forward ever? Or is this backward forever! Well Jack I could tell you. On the road to 5th world country status. Toot your horn. Independence.. yayy. What a clown show.
Cayman and all the rest were also grey listed. They just went through the process before we did and took the time to do what they were told. BVI had to wait to go through the process. BVI completed 85% of the requirements. Greylist is not a bad thing. BVI actually got bigged up by FATF for how much work they accomplished in just 1 year. But they need to explain to the people that greylist is not this super bad thing. It just means that more monitoring is needed to make sure we finish the other 15%. The FATF is actually happy with out progressive. greylist is just a standard label that almost all other jurisdictions had to deal with.
BVI is affected by some serious Down Syndrome shit that is reeking havoc in the country drive around the island of Tortola and observe the water situation it is beyond critical and no one seems to give a damn. Both Water and Sewage and Public works are overwhelmed and seem to have given up.
That “down syndrome sh8” you talking about is called BRAIN DRAIN.
“These registers are meant to reveal the real individuals behind companies, a move that anti-corruption advocates argue is essential to curbing money laundering, tax evasion, and financial crime.
However, BVI leaders have pushed back, contending that such transparency could discourage current and potential clients from doing business in the territory. The BVI has also”
Sooo. we fighting up against something that helps shows transparency in money laundering and terrorism…. Makes me wonder who’s banking thats so concern in hiding their identity
Funny I never seen anyone in the news here for money laundering despite the kinda businesses and activities that regularly pop up here hmmm
Stop making trouble. If you talking about the PUBLIC register the problem is not doing it the problem is only a few of us in this entire market having to do it. It’s like having to run a race against other runners but only you being forced to carry an extra 200lbs on your back while doing so; I don’t know what else to tell you if you can’t see how that would hurt us these clients don’t HAVE to do business here they would just move to another place that don’t have to comply with the uk nonsense. With everything else that we fall short on to end up on this list I can’t defend em we should have definitely not ended up on this list idc how not a big deal they trying to spin this as. Our name and Haiti and Yemen and South Sudan and dem shouldn’t ever be on the same list lol.
dispute is sinking BVI’s financial services industry.