VI strengthens counter-terrorist financing measures with updated risk assessment
The updated assessment, which builds on the Territory’s first Terrorist Financing Risk Assessment published in 2020, was initiated proactively by the Government of the Virgin Islands to inform and strengthen the Territory’s ability to combat the evolving methods of terrorist financing.
Undertaken by a cross-agency working group under the direction of the National Anti-Money Laundering Coordinating Council, it provides a detailed analysis of the Virgin Islands' exposure to terrorist financing threats and vulnerabilities, covering a range of sectors and business types. This includes financial institutions, designated non-financial businesses and professions, virtual asset service providers, legal persons and legal arrangements.
'Low risk'
Overall, the findings confirm that the Territory continues to present a low risk for the collection and use of terrorist funds. One area of medium-high risk that requires further consideration is the movement of terrorist funds through VI entities, particularly via virtual asset platforms and business companies. This risk is elevated by the potential misuse of complex structures, cross-border transactions, and rapidly evolving technologies.
The report sets out targeted recommendations to further mitigate terrorist financing risk, including enhanced training for frontline agencies, better detection of virtual asset-related threats, and strengthened data sharing between domestic and international counterparts.
We take our responsibility 'seriously'- Premier
The Premier of the Virgin Islands, Dr the Honourable Natalio D. Wheatley (R7), who also serves as Chair of the National Anti-Money Laundering Coordinating Council, welcomed the publication.
“This risk assessment underscores the Virgin Islands’ commitment to proactive, data-driven decision-making in the fight against terrorist financing. We take our responsibility to uphold international standards extremely seriously, and this underpins our appeal as a reputable international financial centre.
"These findings will guide our next phase of reforms, including the enhancement of regulatory frameworks for virtual assets, strengthened coordination among law enforcement, and continued improvement of our sanctions enforcement regime,” Dr Wheatley stated in a Government Information Service (GIS) press release on April 25, 2025.
The 2025 assessment was informed by recent national risk assessments on legal persons, legal arrangements, and non-profit organisations, as well as recommendations from the Territory’s 2024 Mutual Evaluation Report. It also includes open-source case studies, typologies involving misuse of VI entities, and international cooperation trends.
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6 Responses to “VI strengthens counter-terrorist financing measures with updated risk assessment”
Wickedness all over the BVI. What they need to do is look into the wickedness in the Ministry of education. The *E* have pure friends in high positions and making sure all get high positions in schools. I am waiting to see what happen September especially with that rude nasty mouth assistant in bbaby. That lady is out of place has no respect and hungry for confusion. The BVI is pure wickedness and the ministry is #1. Everyone of them in that office have to do what the CEO say from the minister come down to the deputy. Poor country, poor education, poor people, poor children have to deal with hogs running the school.