No money laundering detected in FIA-regulated business sectors
Representatives of the BVI Financial Investigation Agency (FIA) have stated that they have not detected any money laundering activities within the sectors that they regulate.
The FIA is entrusted with preventing and detecting financial crimes like money laundering, terrorist financing, and proliferation financing. They regulate certain sectors like real estate, car dealerships, jewellers, some lawyers, notaries, accountants and other entities that handle large volumes of cash.
But at this moment, the FIA say they have not identified any entity that is using a legal business to hide money gained from illegal activities (money laundering).
“As far as we have done our examinations, none (money laundering) has been identified thus far. But we’re still keeping abreast of the situation to ensure that our supervised entities are aware of money laundering and what they should look out for to ensure their businesses does not become at risk for such an offence,” said Acting Senior Compliance Examiner at the FIA Joy Browne who appeared on the Talking Points radio show yesterday.
FIA Chief Compliance Examiner, Nikesha Caesar said the agency works with the Trade Department to capture all the local businesses that should be supervised and educated about money laundering and other financial crimes. And Caesar explained that non-governmental organisations such as churches are also regulated to ensure that they aren’t engaging in money laundering or terrorist financing.
Amid this news that no money laundering has been detected within businesses that the FIA regulates, there is a belief in the wider community that some people started legitimate businesses from the proceeds of illegal activities, such as the cocaine trade which has seduced many adults and youngsters.
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Maybe they should be looking at construction equipment hire, car hire, ice cream shops, and at least hotel, all of which deposit large amounts of cash.
does not believe this news article.
Nor do i believe it, we all know some car rentals are covers for other “business”
It’s better to leave your mouth shut and be thought incompetent than speak out and prove it.
The FIA is regulating businesses which are already regulated by the FSC or by professional organisations, such as Accountancy firms. These firms were completely unlikely to be involved in illegal activities. As others have said, entities which are likely to be a front for money laundering tend to have a lot of cash transactions (for example, car wash, bars, taxi). FIA hasn’t looked at those type of businesses.
largest cash economy in the Caribbean and they claim no money laundering? what a jokers….
They are looking in the wrong places.
The laundromats have become the funeral homes.
The article clearly states that the FIA didn’t find any instances of money laundering in the areas that they regulate. They never said there’s no money laundering in the BVI.
Well-known politician (**) who bought several properties in cash over several months for millions of dollars. This was clearly laundering cash for local drug cartel. Sounds like a cover up by the FIA..Governors office interested to investigate?
thank you , because ts no secret and a lot of people are involved and those same people will continue to say that
there is no guns or drugs or even killings in nature’s hidden secrets either ( and its bad minded people who is trying to make us look bad / but we know better
Ar@3@k 4 sure