Beautiful Virgin Islands

Monday, Jun 30, 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
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
×