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by pltm
(PLTM) - Late last night, May 6, legislators amended and subsequently passed the Customs Management and Duties (Amendment) Act 2021 to ensure international compliance that would prevent the British Virgin Islands from being blacklisted.
Premier and Leader of Government Business Hon. Andrew Fahie who moved the motion during the House of Assembly sitting said, the amendment was one of the Financial Action Task Force (FATF) recommendations for the territory.
“The amendment is geared towards ensuring that the territory fulfils its international obligation of combatting money laundering and terrorism financing and the Financial Investigation Authority (FIA)’s rule of safeguarding the activities against money laundering and terrorist financing and proliferation financing would be further enhanced,” he remarked.
“This is very important that we do this because the territory is being assessed very soon, and this has been one of the areas identified in the Customs Management and Duties Act that needs amending forthwith so that we can fall in line and avoid being blacklisted when the inspection is had,” he added.
Deputy Premier Dr. Natalio Wheatley, who seconded the motion, added his voice to support the amendment.
He stated that the Fahie administration has brought a slew of legislation into the House of Assembly, and it “is supposed to help us not just to do well in our evaluation from the FATF, but to make sure that our regulatory regime is robust enough to defend against financial crime and international crime.”
He added, “We know certainly that things like terrorist financing and money laundering and other things like drug trafficking and things like that are problems in the world today, and we must always stay diligent and ahead of the game in ensuring that the BVI is not a jurisdiction which will be used for those illicit acts.”
The Bill was read for the third time and passed without any amendments after going through the committee stage.
In the meantime, another Bill – the Proliferation Financing Prohibition Act 2021 – was read for the second time and moved to the committee stage for it to be examined clause by clause.
Premier Fahie said this Bill was another one of the legislations that the BVI would have to ensure is passed “because it is dealing with us staying in line what is expected of us for the requirement for the FATF recommendations.”
He explained: “One of the reviews they did before they recognized that this area must be focused on and addressed by the BVI, it was actually number seven of their recommendation where this was highlighted.”
He stated that the purpose of the Bill is to make provisions geared towards the prevention of the proliferation of weapons of mass destruction and their finances as contained in the various United Nations instruments in biological, chemical and nuclear weapons.
“The recommendation requires countries to implement targeted financial sanctions to comply with the United Nations Security Council Resolutions relating to the prevention, suppression and disruption of the proliferation of weapons of mass destruction and it’s financing.”
He further said it is required that countries “freeze without delay the funds of or other assets and to ensure that no funds and other assets that are made available directly or indirectly to or for the benefit of any person or entity designated by or under the authority of the UNSC.”
