Reported by Dillon De Shong

The British Virgin Islands was deemed to be largely compliant with international laws that govern money laundering, tax evasion and terrorism financing.

The Caribbean Financial Action Task Force (CFATF) published its Mutual Evaluation Report of the Virgin Islands today where it highlighted the BVI’s efforts to make itself compliant.

The BVI is a major player in the offshore banking and financial services sector. In 2021, it accounted for 29 per cent of the $245 billion in tax the world lost to corporations, according to the Tax Justice Network. 

CFATF noted the British Overseas Territory remains deficient in many areas including the absence of mechanisms to go after non-cash assets of criminals.

The organisation made 40 recommendations to the government including strengthening efforts to combat money laundering and insider trading.

The BVI Government responded to the reportsaying it showed their commitment to improve transparency and accountability. 

Read full report: https://caribbean.loopnews.com/content/bvi-shows-progress-financial-compliance-cfatf-report-reveals