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British Virgin Islands Financial Investigation Agency
  • Home
  • About Us
    • Our Vision
    • FIA Board
    • Vacancies
  • Analysis & Investigation
    • Functions of the AIU
    • Suspicious Activity Reports
      • Introduction to SARs
      • Preparing to File
      • How to file a SAR?
      • FAQ
    • Section 4 Notices
      • Legal Obligation
      • Enforcement
    • Documents and Forms
  • Supervision & Enforcement
    • NPO
      • What is an NPO?
      • NPO Obligations
      • Designated Persons
      • Supervision by the Agency
      • Relevant Legislation
    • DNFBPs
      • What is a DNFBP?
      • DNFBP Obligations
      • Registration
      • Supervision by the Agency
      • Relevant Legislation
    • Examinations - What are they?
    • What is money laundering?
    • What is terrorist financing?
    • What is proliferation financing?
    • Documents and Forms
      • Guidance Documents
    • Videos and Webinars
  • International Sanctions
    • Amendments to the UK and Overseas Territories Sanctions Regime Post Brexit
    • About Sanctions
    • Required Action
    • British Overseas Territories Sanctions Orders in Force/Legislative Framework
    • Applicable UK Regulations/Legislative Framework Extended to the Virgin Islands
    • Targeted Financial Sanctions Consolidated List
    • Financial Sanctions Notices
    • Maritime Sanctions Notices
    • Trade Sanctions Notices
    • United Nations Security Council Consolidated List
    • United Nations Secretariat Updates
    • UK Sanctions List
    • Sanctions by Regime
    • Guidance and Forms
    • Sanctions Guidance, Public Notices and Updates
    • Virgin Islands Consolidated List of Domestic Designated Persons
  • Library
    • Legislation
    • Publications
    • Annual Reports
    • Archives
    • Resources
    • Media Centre
      • Advisories & Warnings
      • Press Releases
      • Videos
      • Public Notices

What is an NPO?

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  • DNFBPs
    • What is a DNFBP?
    • DNFBP Obligations
    • Registration
    • Supervision by the Agency
    • Relevant Legislation
  • Examinations - What are they?
  • What is money laundering?
  • What is terrorist financing?
  • What is proliferation financing?
  • Documents and Forms
    • Guidance Documents
  • Videos and Webinars

The Non-Profit Organisations Act, 2012 (“NPO Act”) defines an NPO as a body of persons, whether incorporated or unincorporated, established solely or primarily for the promotion of charitable, religious, cultural, educational, social or fraternal purposes, or other activities or programs for the benefit of the public. It is further defined as a section of the public that raises or disburses funds in pursuance of its objectives primarily within the Territory of the Virgin Islands (“the Territory”).

NPOs are generally recognised for the vital role that they play in communities, within the Territory as well as around the world. However, they have also been globally identified as being vulnerable to activities of money laundering and terrorist financing and to a lesser extent proliferation financing. This means that criminals may try and use NPOs to move their funds through an NPO for the purposes of legitimizing those funds. Additionally, there is a risk that terrorists and/or terrorist organisations may exploit the NPO sector to raise and move funds, provide logistical support, encourage terrorist recruitment, support terrorist organisations and operations or participate in fraudulent fundraising activities for financial gains.

This form of exploitation and abuse demoralises donor confidence and underpins the integrity of NPOs operating not only within the Territory but also globally. Therefore, the Financial Investigation Agency’s (“the Agency”) aim is to protect and preserve the NPO sector within the Territory from terrorists as well as money laundering abuse.

As such, NPOs operating within the Territory are subject to the laws relating to money laundering, terrorist financing and proliferation financing, and must ensure they remain in compliance with them.

The Financial Action Task Force (“FATF”) sets the international standard in relation to anti-money laundering and combating the financing of terrorism (“AML/CFT”). FATF Recommendation 8 and Immediate Outcome 10 refers directly to the NPO sector.

Very shortly, the Territory is expected to be assessed by the Caribbean Financial Action Task Force (“CFATF”) against the standards put forth by the FATF. This assessment will seek to test the Territory’s level of effectiveness in mitigating money laundering and terrorist financing risks. Therefore, it is of paramount importance that all NPOs understand their role and adhere to the relevant obligations placed on them.

Partners

  • Government of the Virgin Islands
  • Financial Services Commission
  • Virgin Islands International Tax Authority
  • Virgin Islands Deposit Insurance Corporation
  • Egmont
  • CFATF
  • FATF

Contact Information

  • PO Box 4090, Road Town, Tortola VG1110, BRITISH VIRGIN ISLANDS
  • (284) 852-3200
  • info@fiabvi.vg

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Monday - Friday: 8:30a.m. - 4:30p

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