Monday, July 7 – The Government of the Virgin Islands will be conducting a National Risk Assessment (NRA) in the coming months to determine the effectiveness of the Territory’s Anti-money Laundering and Countering the Financing of Terrorism regime.
According to Chairman of the NRA Communications Committee Mrs. Arliene T. Penn, the first major initiative of the NRA is to administer questionnaires. Questionnaires will be issued, beginning July 15 to a number of businesses and organisations that operate in or from within the Virgin Islands with the aim of gaining a better understanding of the activities they carry out and the potential risks that accompany these activities.
The exercise is a major undertaking and is in preparation for the next Caribbean Financial Action Task Force (CFATF) Mutual Evaluation in 2017.
Mrs. Penn explained, “During the assessment, various sectors of the economy will be examined to determine where the greatest money laundering and terrorist financing risks lie,” adding, “Following the assessment, steps will be taken to identify ways in which to reduce these risks.”
She said it requires the cooperation of designated non-financial businesses and professions including lawyers, accountants, real estate agents, dealers in precious metals and precious stones, and other high value goods dealers such as car dealers, furniture dealers and yacht brokers, non-profit organisations, licensees in the financial services sector, government departments and statutory bodies.
“The objective of the Government and the way it will measure the success of the National Risk Assessment is to ensure that it has identified all of the money laundering and terrorist financing risks the Territory may be exposed to,” she explained, adding, “It is of utmost importance that a high response rate is achieved as this is the only way of ensuring that the full spectrum of risks is identified.”
Businesses are urged to participate in the information-gathering stage by completing the pre-assessment questionnaires in an honest and timely fashion, and by cooperating with the assessors if your business is chosen for a follow-up on-site review.
Questionnaires will be kept in the strictest of confidence and will be reviewed by assessors that have been subject to formal training by CAFTF, trained individuals specifically for this purpose. Information gathered during the conduct of the National Risk Assessment will not be used for any purpose outside the scope of the NRA. All questionnaires should be returned to the National Risk Assessment Steering Group by August 15, 2014.
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British Virgin Islands News