Beautiful Virgin Islands

Tuesday, Jun 03, 2025

'No evidence' to suggest corruption in FIA- Director to CoI

'No evidence' to suggest corruption in FIA- Director to CoI

Director of the Financial Investigation Agency (FIA) Mr Errol George has assured the Commission of Inquiry (CoI) that FIA officers are professional men and women of high integrity and that the Agency is void of political interference.
What is the FIA?


The Financial Investigation Agency is an autonomous law enforcement agency, generally responsible for the investigation of white-collar and other serious financial crimes taking place within or from within the Territory, including money laundering offences.

The establishment of the Agency is in accordance with current international trends aimed at combating money laundering, terrorist financing and other financial and financial-related crimes as well as ensuring international cooperation in the investigation and prosecution of such crimes.

The Financial Investigation Agency (FIA) is an autonomous law enforcement agency, generally responsible for the investigation of white-collar and other serious financial crimes taking place within or from within the Territory, including money laundering offences.


No political interference or evidence of corruption


According to Mr George, the strengths of the FIA are many and that its Board consists of high-level civil servants rather than political appointees, which protects it from political interference.

He said this governance structure also gives the Director a high degree of independence where the day-to-day management of the FIA is concerned.

“Officers of the FIA are hardworking and honest individuals with a very high degree of integrity who want to do their part in tackling financial crime in the Territory. To date, there is no evidence to suggest that any of its officers engage in or have engaged in corrupt practices. The majority of the FIA staff are highly skilled and perform their individual duties at a high level,” Mr George said in his June 30, 2021 position statement to the CoI.

According to Director of the Financial Investigation Agency (FIA) Mr Errol George, the strengths of the FIA are many and that its Board consists of high-level civil servants rather than political appointees, which protects it from political interference. He also said this governance structure also gives the Director a high degree of independence where the day-to-day management of the FIA is concerned.


Lack of funding is the issue


On the flip side, the Director said lack of funding to the FIA is a hurdle.

“Another challenge faced by law enforcement agencies is that of funding. Most, if not all, law enforcement agencies in the Territory of the Virgin Islands, including the FIA are underfunded. For example, for the financial year 2016, the FIA requested $2,062,500.00 but was allocated only $1,662,500.00. For the financial year 2017, the FIA requested $2,400,000.00 but was allocated only $1,472,500.00, which was expected given the devastation caused by Hurricane Irma. For the financial year 2018, $2,400,000.00 was requested but was only allocated $1,672,000.00. For the financial year 2019, $2,400,000.00 was requested but was only allocated $1,672,000.00. For financial year 2020, $2,400,000.00 was requested but received $1,672,800.00. Lastly, for the financial year 2021, $2,172,800.00 was requested but was only allocated $1,672,800.00.”

Training, staff loss


Director George said the funding the FIA currently receives is considered inadequate as it prevents it from providing the type of specialist training necessary for its employees to enable them to carry out their duties effectively.

“It also prevents the FIA from investing in the type of resources such as IT equipment, analysis and investigative tools necessary to be able to carry out its functions in order to make it more effective as a Financial Intelligence Unit. The FIA plays a crucial role where the investigation of financial crime, both locally and internationally, is concerned. Without adequate funding, the FIA will be unable to completely fulfil its mandate. This is even more important as the Territory is due to be assessed against the international standards of the Financial Action Task Force during the upcoming year, 2022.”

He also stated that the inability to compete with the private sector regarding salary packages is also a challenge/weakness, adding that “the FIA occasionally loses some of its highly skilled staff to local firms involved in the financial services industry due to the pay gap that exists between the FIA and these private sector entities.”

He mentioned other weaknesses, such as gaps in the current legislation that governs the agency, but steps are being taken to address them with the strengthening of the legislation.

Lack of cooperation between law enforcement agencies


The other area of weakness stemmed from domestic cooperation between local law enforcement agencies, he said.

“For example, some law enforcement agencies take an unreasonable amount of time to respond to FIA requests for pertinent information to assist the FIA in carrying out its functions, particularly as it relates to STRs. There is also some level of distrust where access to sensitive information is concerned. Specifically, sensitive information pertaining to individuals suspected of being involved in financial crimes including domestic money laundering.”

Meanwhile, the FIA’s role also encompasses the processing of requests for legal assistance from authorities in foreign jurisdictions as well as acting as the receiver of all disclosures of information which are required to be made pursuant to the relevant financial services legislation.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
×