Beautiful Virgin Islands

Sunday, Jul 20, 2025

Gov’t moves to strengthen anti-money laundering, terrorism laws

Gov’t moves to strengthen anti-money laundering, terrorism laws

Amid a number of international financial reports that have accused the BVI’s financial services industry of aiding money launderers in recent times, the Cabinet is moving to pass new laws to tackle tax evasion and money laundering.

The EU, the UK and other international financial lobbies have been pressuring the BVI to improve its financial laws and make its systems more transparent to prevent the world’s richest from hiding money here.

At Cabinet’s February 3 meeting, officials considered the Criminal Justice (International Cooperation) (Amendment) Act 2021 which facilitates the BVI’s cooperation with other countries in criminal proceedings and investigations.

Cabinet said the Bill will be introduced for its first reading in the House of Assembly at the next convenient sitting.

Giving the FIA teeth against money laundering


Cabinet also considered and approved the Proliferation Financing (Prohibition) Act 2021, which gives powers to the Financial Investigation Agency to take action against persons and activities that may be related to terrorist financing and money laundering.

The Proliferation Financing (Prohibition) Act 2021 seeks to replace the Proliferation Financing (Prohibition) Act, 2009 and will be introduced in the House of Assembly for its first reading at the next convenient sitting.

The Criminal Code (Amendment) Act 2021 is yet another piece of legislation that was considered and approved by the Cabinet. According to a post-Cabinet statement from its February 3 meeting, this bill is seeking to “criminalise tax crimes as a predicate offence for money laundering”.

Counter-terrorism


Additionally, Cabinet reviewed the Counter-Terrorism Act, 2021, which is the creation of the territory’s domestic legislation regarding terrorist-related matters.

According to Cabinet, this law is also a means of strengthening the current counter-terrorism legislative regime in a manner that satisfies the requirements of the Financial Action Task Force standards for combating terrorist financing. This Bill will also be introduced for its first reading at the next convenient sitting of the House of Assembly.

These laws are being reviewed by Cabinet just weeks after the Tax Justice Network (TJN) revealed that the BVI’s ranking for financial secrecy has worsened in the last two years.

The Financial Secrecy Index 2020 shows that out of 133 countries listed, the BVI placed ninth — meaning the country is one of the top ten tax havens of the world.

Less than a year ago, the BVI was also named in the Fincen Files scandal.

The scandal involves more than 2,500 leaked documents that show how some of the world’s largest banks have allowed criminals to hide ‘dirty money’ in countries like the BVI and the Cayman Islands.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
×