The Virgin Islands is scheduled to undergo its next Caribbean Financial Action Task Force (CFATF) Mutual Evaluation in 2017.  In preparation for this review the Virgin Islands has decided to undertake a national review of its money laundering (ML) and terrorist financing (TF) risks

To assess the territory’s ability to meet the standards laid out in the FATF International Standards on Anti-money Laundering and the Countering of Financing of Terrorism (AML/CFT)

(a) identify, assess and understand the money laundering and terrorist financing risks for the country;

(b) take action to assess such risks, and apply resources to ensure effective mitigation of such risks; and

(c) based on the assessment, apply a risk-based approach to ensure that measures implemented to prevent or mitigate ML and TF are commensurate with the identified risks.

This national review will cover all sectors of the Virgin Islands’ economy in order to identify those that may be most vulnerable to ML/TF risks, and will help to identify the areas within each sector that may require some administrative or legislative reform in order to strengthen the Territory’s overall AML/CFT framework. The conduct of this NRA is the first step in ensuring the Virgin Islands’ continued commitment to the highest level of compliance with global AML/CFT standards.