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Thursday, Dec 01, 2022

National AML/CFT Strategic Action Plan set for HoA tabling

National AML/CFT Strategic Action Plan set for HoA tabling

The Cabinet of the Virgin Islands (VI) has referred to the HoA, the AML/CFT Policy as considered and approved by the National Anti-Money Laundering and Terrorist Financing Coordinating Council (NAMLCC) with the aim of minimising the Territory’s risks of money laundering (ML) and terrorist financing (TF).

The framework also seeks to minimise the risks of proliferation financing (PF) and strengthen the Virgin Islands’ national AML/CFT regime

The Policy comes as the Virgin Islands recognizes the global concern regarding the ongoing activities of money laundering, terrorist financing, and proliferation financing, and the ramifications of such activities as they threaten the integrity of the Territory’s financial system, the stability of its economy, and the safety of its citizens.

According to the minutes of the Virtual Cabinet Meeting of January 7, 2022, chaired Governor John J. Rankin, CMG, Cabinet noted the contents of the National AML/CFT Strategic Action Plan for the Territory and noted that the Action Plan provides a framework surrounding a number of financial concerns.

The Policy comes as the Virgin Islands recognizes the global concern regarding the ongoing activities of money laundering, terrorist financing, and proliferation financing, and the ramifications of such activities as they threaten the integrity of the Territory’s financial system, the stability of its economy, and the safety of its citizens.


Plan to be laid on table @ HoA


It was also revealed that Cabinet also noted that the framework reflects the actions to be taken by the Territory to improve its AML/CFT regime and to ensure a high level of compliance with the Financial Action Task Force’s International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation.

As such, Cabinet decided that the Action Plan be laid on the table of the House of Assembly at the next convenient Sitting and requested that the Cabinet receive quarterly updates accordingly.

The National Anti-Money Laundering and Terrorist Financing Coordinating Council (NAMLCC) considered and approved the National AML/CFT Policy at the NAMLCC meeting held on March 18, 2021.

The Cabinet of the Virgin Islands first considered and approved the adoption of the National AML/CFT Policy at the Cabinet meeting held on May 19, 2021.

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