In May 2025, it was reported that the Virgin Islands (VI) could be placed on the grey list. The territory was officially added to the list on June 13, 2025, due to concerns regarding its Anti-Money Laundering (AML) framework, particularly the identification of corporate beneficial owners. Photo: VINO

The Executive Director of International Business Regulations Ayana I. Glasgow, has announced that efforts are underway to develop and implement a national action plan aimed at addressing the territory's status on the FATF grey list. Photo: Talking Points

During a segment on the Talking Points program on ZBVI 780 AM on Monday, September 15, 2025, Glasgow emphasised the importance of collaboration between the public and private sectors and the government in formulating this action plan. Photo Facebook

During Talking Points on ZBVI 780 AM on Monday, September 15, 2025, Glasgow emphasised the importance of collaboration between the public and private sectors and the government in formulating this action plan.

In May 2025, it was reported that the Virgin Islands (VI) could be placed on the grey list. The territory was officially added to the list on June 13, 2025, due to concerns regarding its Anti-Money Laundering (AML) framework, particularly the identification of corporate beneficial owners.

A press release from the Ministry of Finance, dated June 13, 2025, stated that the ministry plans to implement a comprehensive national action plan to address the strategic AML and Counter-Terrorist Financing (CFT) deficiencies identified by the FATF.

'Our goal is to be delisted within two years'

When asked about the progress of the development of the plan, Glasgow stated, "The private sector has an extremely extremely supportive and has raised their hands to be part of this process. So, in terms of what we have done, in response, we've initially developed an action plan of our own to address the issues that have to be addressed and, in doing so, identify the priority areas that we need to action very quickly, because our goal is to be delisted within two years."

She acknowledged that this process is not an easy feat and pointed to a couple of things that the plan will reference, such as prosecutions and investigations, which she stated, being outside of a financial services space, takes time.

"But, as I said, we have taken the steps to have an action plan in place, identify the resources we need. Not just people, but technology and financial resources are necessary to make sure we can execute the action plan. The Attorney General's Chambers takes the lead, and they're supported by our ministry," Glasgow stated.

Everyone onboard

The Executive Director of International Business Regulations also stated that the private sector has stepped in, along with the Financial Services Commission, the National Investigation Agency, and the Financial Crimes Unit.

The key actions of the plan involve strengthening the beneficial ownership regime, increasing regulatory oversight of financial institutions and company service providers, improving the reporting of suspicious activities, and systematically pursuing anti-money laundering (AML) investigations and prosecutions. Additionally, the implementation of legislation such as the Anti-Money Laundering and Terrorist Financing Code of Practice is included.

The Virgin Islands is also enhancing its international cooperation and risk assessment capabilities to address strategic deficiencies identified by the Financial Action Task Force (FATF).