British Virgin Islands Implements Informant Program to Combat Financial Crimes

The British Virgin Islands (BVI) has embarked on an ambitious public awareness campaign, “Business Done RIGHT,” aimed at fostering a culture of vigilance against financial crimes, particularly money laundering and terrorist financing. Recognizing the critical need for collective action, the campaign leverages a multi-faceted approach, including the introduction of an engaging mascot, Riley Right, to disseminate crucial information and encourage active participation from all segments of the BVI community. The initiative seeks to demystify complex financial regulations and empower individuals to identify and report suspicious activities, ultimately safeguarding the integrity and stability of the BVI’s economy.

At the heart of the “Business Done RIGHT” campaign are five core principles: Responsibility, Integrity, Global Awareness, Honesty, and Transparency. These principles serve as a guiding framework for individuals and businesses to navigate the complexities of financial transactions and adhere to best practices in preventing financial crimes. The campaign emphasizes individual responsibility, urging everyone to be proactive in identifying and reporting suspicious activities. It underscores the importance of integrity in all business dealings and promotes global awareness of the interconnected nature of financial systems and the transnational reach of financial crimes. Honesty and transparency are highlighted as essential elements in building trust and deterring illicit activities.

The campaign provides practical guidance on recognizing red flags that may indicate money laundering or terrorist financing. It outlines the potential consequences of these crimes on businesses and communities, emphasizing the importance of early detection and reporting. The campaign also stresses the significance of “Know Your Customer” (KYC) requirements, which are crucial for verifying the identities of clients and mitigating the risk of financial crimes. Clear instructions are provided on how to securely report suspicious activities, ensuring that individuals feel empowered to take action without fear of reprisal.

The campaign’s effectiveness lies in its ability to translate complex legal jargon into accessible and relatable information. Through real-life examples, it demonstrates the tangible benefits of reporting suspicious activity, showcasing how such actions contribute to the overall health and resilience of businesses and communities. By highlighting successful cases, the campaign aims to inspire confidence and motivate individuals to play an active role in safeguarding the BVI’s financial landscape. The campaign strategically employs various platforms to reach a wide audience and ensure maximum impact. The use of Riley Right, the campaign mascot, adds a touch of approachability and memorability, further enhancing the campaign’s reach and effectiveness.

The “Business Done RIGHT” campaign is spearheaded by the National Anti-Money Laundering and Countering the Financing of Terrorism Coordinating Council (NAMLCC), the primary authority responsible for combating financial crimes within the BVI. Ms. Lavonna Burrows, National AML Coordinator, emphasizes the importance of shared responsibility in this endeavor, urging businesses, professionals, and residents alike to actively participate in maintaining the BVI’s reputation as a jurisdiction committed to ethical financial practices. The campaign’s message underscores the collective power of vigilance and proactive reporting in safeguarding the BVI’s financial system.

The BVI Financial Investigation Agency plays a crucial role in the fight against financial crime. Its website provides essential resources, including a downloadable Suspicious Activity Report Form, which can be completed and electronically submitted to the agency. This readily accessible reporting mechanism empowers individuals to take concrete action and contribute directly to the prevention and detection of financial crimes. The campaign’s focus on empowering individuals through education and accessible reporting mechanisms underscores the BVI’s commitment to maintaining a strong and transparent financial system. By fostering a culture of vigilance and collective responsibility, the “Business Done RIGHT” campaign aims to solidify the BVI’s standing as a jurisdiction committed to upholding the highest standards of financial integrity.