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Premier Smith baffled VI on money laundering list

- said UK, France, Italy & other countries also featured in money laundering report, along with the US itself
Premier and Minister of Finance Dr The Honourable D. Orlando Smith said that the Virgin Islands adheres to all of the required international regulations and conventions and therefore it is baffling why the territory continues to feature in the US State Department's International Narcotic Control Strategy Report. Photo: VINO/File
The report released on March 2, 2016, lists the Virgin Islands as among 14 Caribbean countries allegedly involved in major money laundering. Photo: www.cnc3.co.tt
The report released on March 2, 2016, lists the Virgin Islands as among 14 Caribbean countries allegedly involved in major money laundering. Photo: www.cnc3.co.tt
The report said that from January through September 2015, the VI Enforcement Committee reviewed 51 enforcement cases, resulting in seven administrative penalties, five license revocations, and four warning letters. Photo: Provided
The report said that from January through September 2015, the VI Enforcement Committee reviewed 51 enforcement cases, resulting in seven administrative penalties, five license revocations, and four warning letters. Photo: Provided
ROAD TOWN, Tortola, VI – Premier and Minister of Finance Dr The Honourable D. Orlando Smith said the Virgin Islands adheres to all of the required international regulations and conventions and therefore it is baffling why the territory continues to feature in the US State Department's International Narcotic Control Strategy Report.

The report released on March 2, 2016, lists the Virgin Islands as among 14 Caribbean countries allegedly involved in major money laundering.

According to the US State Department’s definition, a major money laundering country is one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking."

International Narcotics Control Strategy Report (INCSR) claims that the VI financial institutions receive significant amounts of proceeds from international narcotics trafficking.

The VI is on the list with countries such as Haiti, Colombia, Costa Rica, Guatemala, St Maarten, Venezuela, and the Dominican Republic to name a few.

It said that the VI uses suspicious activity reports (SARs) rather than suspicious transaction reports (STRs). SARs, in general, relate to suspicious activities by a broad range of entities, rather than suspicious financial transactions. Therefore, the cited 234 reports encompass all types of suspicious activities, including those of a financial nature, the report said.

It said that from January through September 2015, the VI Enforcement Committee reviewed 51 enforcement cases, resulting in seven administrative penalties, five license revocations, and four warning letters.

“There is collaboration between BVI law enforcement and regional as well as US law enforcement agencies, resulting in several successful operations targeting drug smuggling and drug dealing. There have been 25 money laundering related prosecutions and 15 convictions since 2008,” the report said.

Even the US is in the report – Dr Smith

However, when asked yesterday March 21, 2016 for a reaction to what was written in the report, Premier Smith said, “The US Narcotics Report is a report that is put out every year...I'm not sure when it started but it was for several years. The BVI has been on it for several years, just as the United Kingdom has been on it, France has been on it, Spain has been on it, even the United States is on it.”

He said that it is a report which indicates where it is possible because of the regimes that these countries have in place.

“What I am saying is the fact that they have that report, along with these other countries, indicates that there is a level of investigation that the United States has with all countries of the world and there is a threshold of activity and potential activity which obtains for the BVI, the United Kingdom, France, Spain, Italy, The Cayman Islands, most of the major countries of the world,” said Premier Smith.

18 Responses to “Premier Smith baffled VI on money laundering list ”

  • Xxx (22/03/2016, 10:28) Like (25) Dislike (3) Reply
    Dr never know nothing...bvi is on it because half the money on our banks are from drugs
  • Courage (22/03/2016, 10:37) Like (7) Dislike (15) Reply
    The USA will fine a way to keep down ANY developing Country............
    • u (22/03/2016, 15:07) Like (5) Dislike (1) Reply
      Please go sit down and let the gas deflect out your A$$. Talking S$$t you don't know anything about.
  • he worth his name (22/03/2016, 10:38) Like (14) Dislike (0) Reply
    DrDon'thaveaclue
  • wow (22/03/2016, 11:09) Like (22) Dislike (0) Reply
    doc asleep at the wheel as usual
  • Hmm... (22/03/2016, 11:30) Like (25) Dislike (1) Reply
    Either premier Smith is extremely naïve or extremely dumb. Why does he think drug dealers love this country. There are a few businesses, services and events here, does he honestly think that BVI has the foot traffic or the purchasing power to substantiate the weekly multi thousand dollar deposits from these into the banks affiliated with the US. Yep..either naïve or dumb.....
  • A Keen Student (22/03/2016, 11:52) Like (10) Dislike (0) Reply
    Wow him learning well as it seems as all the Ministers of Finance in the various islands after doing their "stuff" with the drug lords, terrorists, money laundeers they never know or have no clue of anything but the swelling of their heads from the amount of money coming or going into their pockets. Then when it is too late they blame it on someone else or play mute. That s the world today.A set of high way robbers. Then we the citizens all suffer but not them that filling their pockets with the dough.
  • oh yea (22/03/2016, 12:36) Like (22) Dislike (0) Reply
    How come he was not blaffed with the 82.9 million on the ports project?
  • Boo (22/03/2016, 12:47) Like (18) Dislike (0) Reply
    If he would awaken from his slumber he might be less confused. SS BVI up on the rocks
  • guilty of being innocent (22/03/2016, 14:54) Like (1) Dislike (0) Reply
    and certain banks start demanding ridiculous personal information about customers all of a sudden and putting
    illegal holds on perfectly legitimate checks, and driving out good people. ever hear of mass hysteria or witch hunts?
    or should those just be called the 'us government on drugs'? now go start a riot upon the innocent again. my lord.
  • Reporter (22/03/2016, 16:09) Like (6) Dislike (0) Reply
    So what does he think the third pillar of the economy is?
  • X Banker (22/03/2016, 16:54) Like (0) Dislike (0) Reply
    If banks continue to alienate customers by paranoid accusations or flat refusing to open accounts for Americans,
    well what the heck do you think is going to happen? The money and the good customers go elsewhere. No one
    wants to be under suspicion for 'money laundering' just because the bank management has gone paranoid. Or
    information about a depositor's whole family and deceased parents is required. My god, that is insane and it has
    happened here. Some people in the BVI don't want that let out, but that statement does not mean that it is anyone
    in the government. More like the banks in question owned from North North America..
  • virgin gorda (22/03/2016, 23:03) Like (2) Dislike (0) Reply
    poor fella morning noon and night he baffled
  • here we go again (22/03/2016, 23:38) Like (2) Dislike (0) Reply
    Every time this man appear on the news I wonder about his relevancy. Why does he exist? What is his purpose? Because it doesn't seem to be "to be a leader."

    I swear Enid Scatliffe children know more about what's going on in the territory than him.

    Boy, I wish I could sing and had musical talent! I'd enter this year calypso competition and write a song about him called "The Know-Nothing Chief!"
  • To be fair.... (23/03/2016, 00:56) Like (1) Dislike (2) Reply
    They are all listed....

    -Afghanistan
    -Antigua and Barbuda
    -Argentina
    -Australia
    -Austria
    -Bahamas
    -Belize
    -Bolivia
    -Brazil
    -British Virgin Islands
    -Burma
    -Cambodia
    -Canada
    -Cayman Islands
    -China
    -Colombia
    -Costa Rica
    -Curacao
    -Cyprus
    -Dominican Republic
    -France
    -Germany
    -Greece
    -Guatemala
    -Guernsey
    -Guinea-Bissau
    -Haiti
    -Hong Kong
    -India
    -Indonesia
    -Iran
    -Iraq
    -Isle of Man
    -Israel-West Bank/Gaza
    -Italy
    -Japan
    -Jersey
    -Kenya
    -Latvia
    -Lebanon
    -Liechtenstein
    -Luxembourg
    -Macau
    -Mexico
    -Netherlands
    -Nigeria
    -Pakistan
    -Panama
    -Paraguay
    -Philippines
    -Russia
    -Singapore
    -Somalia
    -Spain
    -St. Maarten
    -Switzerland
    -Taiwan
    -Thailand
    -Turkey
    -Ukraine
    -United Arab Emirates
    -United Kingdom
    -Uruguay
    -Venezuela
    -Zimbabwe
  • More Baffled (23/03/2016, 03:47) Like (0) Dislike (2) Reply
    "International Narcotics Control Strategy Report (INCSR) claims that the VI financial institutions receive significant amounts of proceeds from international narcotics trafficking." If this were true then one would expect to see the VI financial institutions in court often-even as a witness. Did I miss something?

  • Really! (25/03/2016, 12:52) Like (0) Dislike (0) Reply

    I am convinced this man is an id*ot!!



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