British Virgin Islands’ Progress Recognised at FATF Plenary in Paris

Since its high-level political commitment to the FATF in June 2025, the BVI has maintained strong momentum under its revised National Strategic Action Plan (NSAP), approved by the National Anti-Money Laundering Coordinating Council, with over 92% of NSAP actions completed or ahead of schedule. The FATF acknowledged this continued strengthening, including deployment of the BVI’s new asset management framework.

Since the previous reporting cycle, key progress includes:

• Operationalising a new asset management framework to strengthen recovery of criminal assets.
• Enhancing risk-based supervision via a revised FSC risk assessment framework for trust and company service providers.
• Increasing regulatory oversight through additional fit and proper assessments, on-site inspections and desk-based reviews.
• Strengthening law enforcement and prosecution capacity, SAR quality, improving industry outreach (across higher-risk trust and corporate service providers, investment businesses and virtual asset service providers) enhancing beneficial ownership transparency via VIRRGIN, as well as making limited partnership data publicly available.

Attorney General, Honourable Dawn J. Smith, said the FATF’s acknowledgement shows that the BVI’s coordinated national approach is delivering tangible results, and that NAMLCC’s approval of the revised NSAP reinforces its commitment to meeting the highest international standards. Honourable Lorna G. Smith, OBE, Junior Minister for Financial Services and Economic Development, reaffirmed the Government’s commitment to protecting the BVI’s reputation as a leading international financial centre and to delivering the remaining Action Plan commitments in a manner that supports a transparent, resilient and internationally respected financial services sector.

The Government remains committed to full and timely implementation of the remaining FATF Action Plan measures, with progress to be reported per the agreed timetable as the BVI works towards completion of the increased monitoring process.

What this means for clients: This represents a positive external endorsement of the BVI’s ongoing AML/CFT/CPF reform programme and its trajectory towards exiting increased monitoring, underscoring the jurisdiction’s continued suitability as a well-regulated and internationally respected financial centre.