Gov’t launches plan to target financial crimes

The government has introduced a National Strategic Action Plan aimed at enhancing the territory’s resilience against money laundering, terrorist financing, and proliferation financing threats.

Approved by the National Anti-Money Laundering Coordinating Council (NAMLCC) on 21 February 2025, the plan outlines legislative, regulatory, institutional, and operational priorities to strengthen the BVI’s framework in line with international standards set by the Financial Action Task Force.

Premier Dr Natalio D Wheatley, who chairs NAMLCC, stated, “This National Action Plan affirms the Virgin Islands’ unwavering commitment to protecting the integrity of our financial system and meeting international standards. It is a forward-looking strategy that balances robust regulatory safeguards with practical, risk-based implementation.”

The plan assigns clear responsibilities to key agencies, including the Financial Investigation Agency, the Financial Services Commission, the Attorney General’s Chambers, the Royal Virgin Islands Police Force, and the Ministry of Financial Services, Economic Development, and Digital Transformation. Progress will be continuously monitored and reviewed by NAMLCC to ensure a practical and measurable framework guiding the territory’s efforts through 2026.

The BVI’s financial services sector, a significant contributor to its economy, has faced international scrutiny. In response, the government has emphasised its commitment to transparency and cooperation. Premier Wheatley previously noted, “We are not a tax haven, and we are not a haven for money launderers or anything like that,” highlighting the territory’s adherence to global tax standards and cooperation with international financial regulators.

The introduction of this action plan follows the 2021 Commission of Inquiry, which examined governance in the BVI, and the subsequent arrest of former Premier Andrew Fahie in 2022 on charges related to money laundering and drug trafficking. These events have underscored the importance of robust measures to combat financial crimes in the territory.

With the implementation of the National Strategic Action Plan, the BVI aims to reinforce its financial systems against illicit activities and align more closely with international expectations for financial integrity and transparency.