As money launderers become more sophisticated in their misdeeds, the BVI Financial Investigation Agency (FIA) announced that it is working on a strategy to zero in on money laundering trends.
In a report that was laid on the Table of the recent House of Assembly, the FIA Director Errol George disclosed that the Agency has been very helpful in bringing to justice some international perpetrators.
Going forward he said: “We will work towards enhancing our strategic intelligence analysis capability. This will allow us to look more closely at money laundering trends and typologies in the Territory so we can improve the level of support we provide to our domestic and international partners.”
As a means of preparing for the implementation of the new strategy to foil financial crime, Mr. George mentioned that further changes will be made to the Agency’s Analysis Unit: “At the same time, we will augment our Analysis Unit by increasing the number of analysts from two to three.”
“Our Analysis Unit has struggled to cope with the level of SARs reporting in recent years, which has brought some challenges. This will be part of our overall plan to take a comprehensive look at our resources and make adjustments where necessary,” he added.