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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
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What is money laundering?

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Money Laundering is the act of concealing, retaining, converting, transferring or in any other way moving funds acquired, directly or indirectly, from an unlawful activity or otherwise from an unlawful source.

Money laundering is practically the process by which acquired illegitimate funds are integrated into the financial system to make it appear as though the funds originated from a legitimate source.

The three stages of the money laundering process are:

  • Placement - getting the proceeds of crime into the banking system;
  • Layering - moving the money through different transactions, accounts (layers) to complicate the tracking process; and
  • Integration - using the money to purchase legitimate assets which effectively “cleans” the proceeds of crime.

More specifically, within BVI legislation:

“money laundering” means the act of concealing, retaining, converting, transferring or in any other way moving funds acquired, directly or indirectly, from an unlawful activity or otherwise from an unlawful source, and –

  • relates both to a primary offence and any ancillary offence;
  • includes any activity or offence prescribed as money laundering under the Proceeds of Criminal Conduct Act, 1997 or any other enactment; and
  • includes drug money laundering as provided in section 2 (1) of the Drug Trafficking Offences Act, 1992.

Partners

  • Government of the Virgin Islands
  • Financial Services Commission
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  • Virgin Islands Deposit Insurance Corporation
  • Egmont
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  • FATF

Contact Information

  • PO Box 4090, Road Town, Tortola VG1110, BRITISH VIRGIN ISLANDS
  • (284) 852-3200
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