Ministry of Finance
Release Date:
Wednesday, 8 February 2023 - 3:01pm



FEBRUARY 8, 2023

The National AML/CFT Coordinating Council (“NAMLCC”) is committed to ensuring that the Virgin Islands can effectively respond to any money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”) threats that may impact the Territory and has taken various steps in this regard.

In 2021 NAMLCC issued the Virgin Islands’ National AML/CFT Policy to provide a framework for minimizing ML, TF and PF risks and strengthening the Virgin Islands’ National AML/CFT regime.   NAMLCC also issued the National AML/CFT Strategy 2021 – 2023, which provides a guide of the actions to be undertaken to improve the Virgin Islands’ effectiveness in mitigating against ML, TF and PF. 

NAMLCC is committed to understanding the Territory’s ML, TF and PF risks and identifying any changes to such risks through the issuing and regular updating of the Territory’s ML, TF and PF Risk Assessments and the implementation of recommendations contained in the reports emanating from such assessments.  

To ensure the objectives of the National Policy and the National Strategy and the recommendations of the 2020 ML and TF Risk Assessments are effectively implemented, in 2021 NAMLCC also issued a National Strategic Action Plan.  The National Strategic Action Plan is a cohesive plan geared towards the successful fight against ML/TF/PF; the ultimate goal being to protect the Virgin Islands’ economy against the potential negative impacts of ML, TF, and PF.  

Progress on the implementation of the Action Plan is vigorously monitored on an ongoing basis to ensure effective execution of all objectives and recommendations.  However, risk is not stagnant so neither must be the Territory’s response to the ongoing shifts in the global and local AML/CFT landscapes.

As such, NAMLCC, and by extension the Territory, is committed to updating the National AML/CFT Policy and Strategy along with the current ML, TF and PF risk assessments at least every two years to take into account all relevant changes to the threats and vulnerabilities that impact the Territory’s risk of ML, TF and PF and to ensure ongoing compliance with international standards. 

Updates to the 2020 ML and TF Risk Assessments are currently ongoing and should be finalised in the first quarter of 2023.  The findings of these assessments will be built into the revised National AML/CFT Policy and Strategy documents which will be issued shortly thereafter. 

NAMLCC encourages all public sector institutions, financial institutions, designated non-financial businesses and professions, non-profit organisations and other relevant persons to keep abreast of the findings of these risk assessments and take them into consideration when carrying out your own institutional risk assessments to ensure the relevant steps are taken to mitigate against all identified risks.

NAMLCC pledges to continue to fulfil its mandate of ensuring timely, appropriate and effective responses to the Territory’s ML, TF and PF threats, vulnerabilities and resulting risks through continual monitoring and identification of necessary resources and legislative amendments that will serve to strengthen the Virgin Islands current AML/CFT regime.