Ogier has welcomed the news announced on 5 January by the British Virgin Islands (BVI) Financial Services Commission (FSC) that according to the Caribbean Financial Action Task Force (CFATF), the territory adheres to International Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) principles and is largely compliant with Financial Action Task Force (FATF) 40+9 Recommendations. The CFATF’s third round Mutual Evaluation Report highlights the tremendous efforts undertaken by the BVI since its last report in 2002 to ensure compliance and recognised the territory’s commitment to the establishment of standards in legal, law enforcement, regulatory and international cooperation matters.

Duncan Smith, Partner, Ogier Hong Kong, said that such recognition would greatly benefit the BVI’s development as a leading and reputable international finance centre. “It is very good news for the BVI and all of us who work with the territory to have such recognition from CFATF assessors re-affirming the status of the BVI as a leading International Financial Centre.

“The BVI FSC has stressed that, in view of the continuing changing circumstances and improvements to the global AML/CFT regime, it will focus on the adoption of appropriate measures to strengthen the territory’s continued adherence to established standards relating to the global war against money laundering and terrorist financing. It said in a statement that the BVI will “continue to be a strong cooperative partner in the shaping and implementation of compliance standards and supervision pertaining to money laundering and terrorist financing, while ensuring a modern and conducive atmosphere for the conduct of legitimate business”.”

Michael Fay, a Partner at Ogier BVI and a member of the BVI Government Joint Anti-money Laundering and Terrorist Financing Advisory Committee, said, "The recent acknowledgement of the BVI's compliance with the CFATF 40+9 recommendations, demonstrates the commitment made by the jurisdiction in the fight against money laundering and financial terrorism. It is a reflection of the territory's dedication to development, by ensuring the financial services industry meets the highest international regulatory standards. The combined measures under the BVI regulatory framework provides assurance to all stakeholders currently undertaking or wishing to do business within the territory."

A copy of the BVI’s Mutual Evaluation Report by CFATF is available at the FSC website at www.bvifsc.vg