High Level Meeting Launches BVI National Risk Assessment Plan

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Chairman of the National Risk Assessment Council and Premier of the Virgin Islands, Dr. the Honourable D. Orlando Smith, OBE is pictured here with members of the National Risk Assessment Council.

Chairman of the National Risk Assessment Council and Premier of the Virgin Islands, Dr. the Honourable D. Orlando Smith, OBE is pictured here with members of the National Risk Assessment Council.

The Virgin Islands is scheduled to undergo its Fourth Round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) in 2017 based on the International Standard on Combating Money Laundering and the Financing of Terrorism and Proliferation.

As part of the new Financial Action Task Force (FATF) International Standards on Combating Money Laundering, and the Financing of Terrorism and Proliferation, each member country of the FATF and its associated regional bodies are now required to ensure that they can identify, assess and understand the money laundering and terrorist financing risks for their country.

Additionally, they are also required to take the necessary steps to coordinate actions to assess these risks, and apply resources to ensure such risks are effectively mitigated. In order to achieve this, countries have been encouraged to conduct National Risk Assessments (NRA) as a means of identifying and assessing the money laundering and terrorist financing risks affecting their jurisdictions.

The Government of the Virgin Islands, in recognising the importance of meeting its international obligations and maintaining the high standard of compliance achieved in the Third Round of Mutual Evaluations in 2008, saw it fit to develop a framework that will effectively and successfully steer the NRA process. This would therefore bring the Territory into compliance with the FATF’s revised standards.

As the Territory moves towards stability and growth, more on the work of the Government of the Virgin Islands can be found on www.bvi.gov.vg; Facebook, YouTube or Twitter at BVIGovernment.

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