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Supervised Entities

Globally, governments and international bodies like the Financial Action Task Force (“FATF”) and the Caribbean Financial Action Task Force (“CFATF”) have seen cases of criminals and terrorists taking advantage of businesses and organisations to further their criminal activities. Some of these cases have been through NPOs and DNFBPs.

It is estimated that anywhere between eight hundred billion (US$800,000,000,000) and two trillion dollars (US$2,000,000,000,000) of illegal or criminal money gets into the world economy from criminal activities every year. As a result, international organisations have made several specific recommendations (the main ones generally referred to are the FATF Recommendations) that governments should adopt appropriate AML/CFT measures, which prevent and stop such criminal activity.

The Financial Investigation Agency is the Agency responsible for the supervision and monitoring of NPOs and DNFBPs within the Territory, for the purposes of anti-money laundering, countering the financing of terrorism and proliferation financing.

NPOs

NPO stands for Non-Profit Organisation. These are entities/organisations specifically defined within the Non-Profit Organisations Act, 2012 as undertaking certain functions. Further details on different categories of NPOs are provided on the designated NPO pages.

DNFBPs

DNFBP stands for Designated Non-Financial Businesses and Professions.

These businesses are characterised as non-regulated entities, which means they are not regulated by the Financial Services Commission. Further details on different categories of DNFBPs are provided on the designated DNFBP pages.


Any person that fails or refuses to provide information to the Agency that it considers relevant to the performance of its functions commits an offence and is liable on summary conviction to a fine not exceeding twenty thousand dollars or to imprisonment for a term not exceeding two years or to both.

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PO Box 4090
Road Town, Tortola VG1110
BRITISH VIRGIN ISLANDS

Phone : (284) 852-3200

Email : [email protected]

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