British Virgin Islands Publishes Terrorist Financing Risk Assessment 2025

Tortola, British Virgin Islands. Photo by Karl Callwood on Unsplash.

Introduction to the Risk Assessment

The Government of the British Virgin Islands has published its Terrorist Financing Risk Assessment 2025.

This shows the Territory’s ongoing efforts to protect its financial system and stay in line with international rules on stopping terrorist financing.

The new report updates the first Terrorist Financing Risk Assessment from 2020. The Government started this new review to better understand and fight the changing ways terrorists try to move money.

Preparation and Findings of the Report

A cross-agency team, led by the National Anti-Money Laundering Coordinating Council, prepared the report. It gives a detailed look at the Virgin Islands’ risks in different areas, like financial institutions, legal businesses, virtual asset providers, and trusts.

The findings show that the Virgin Islands still has a low risk for terrorist financing. However, there is a medium-high risk involving the use of Virgin Islands companies, especially with virtual asset platforms and cross-border deals. Complex company structures and fast-changing technology make this risk bigger.

Recommendations and Next Steps

The report suggests stronger actions to reduce risks. These include better training for frontline workers, improved ways to spot virtual asset threats, and more information sharing with international partners.

The Premier of the Virgin Islands, Dr. Natalio D. Wheatley, welcomed the report. He said:

“This risk assessment underscores the Virgin Islands’ commitment to proactive, data-driven decision-making in the fight against terrorist financing. We take our responsibility to uphold international standards extremely seriously, and this underpins our appeal as a reputable international financial centre. These findings will guide our next phase of reforms, including the enhancement of regulatory frameworks for virtual assets, strengthened coordination among law enforcement, and continued improvement of our sanctions enforcement regime.”

Methodology and International Cooperation

The 2025 review also used information from recent national studies on companies, trusts, and non-profits, as well as advice from the 2024 Mutual Evaluation Report. It includes real-world examples of how BVI companies have been misused and looks at how international cooperation is changing.

Source: BVI GIS.

Conclusion

The publication of the Terrorist Financing Risk Assessment 2025 demonstrates the British Virgin Islands’ commitment to protecting its financial system and upholding international standards. The report’s findings and recommendations will guide the Territory’s efforts to mitigate the risks of terrorist financing and maintain its reputation as a reputable international financial centre.

Frequently Asked Questions (FAQs)

What is the purpose of the Terrorist Financing Risk Assessment 2025?

The purpose of the assessment is to identify and mitigate the risks of terrorist financing in the British Virgin Islands, and to ensure the Territory’s compliance with international standards.

What are the key findings of the report?

The report finds that the Virgin Islands has a low risk of terrorist financing, but a medium-high risk involving the use of Virgin Islands companies, especially with virtual asset platforms and cross-border deals.

What are the recommendations of the report?

The report recommends stronger actions to reduce risks, including better training for frontline workers, improved ways to spot virtual asset threats, and more information sharing with international partners.