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Industry Circular 10 of 2025 - FIA Report on Migrant Smuggling
FIA Report on Migrant Smuggling
Road Town, Tortola - The BVI Financial Services Commission (the Commission) is urging financial institutions to take note of the BVI Financial Investigation Agency’s (the FIA) recent publication which presents findings of its strategic analysis report on the impact of migrant smuggling in the Virgin Islands.
The report, ‘Migrant Smuggling: Extent and Impact in the Virgin Islands’ (the Report) was compiled using information from the FIA’s database as well as data gathered from regional bodies, law enforcement agencies, financial institutions, and news articles. It considers the premise that the VI’s geographic landscape and location make it vulnerable to migrant smuggling and related activities.
Amongst the Report findings were:
- Virgin Islands residents and citizens represented 25% of identified operators, with the remainder being Haitian or Dominican nationals; the aggregate of which were between 26 and 41 years of age.
- Smuggled migrants were nationals of various Caribbean islands, South America, Europe and Asia, with the majority of those caught between 2021 and 2024 being Haitian and Romanian.
- Between January 2021 and April 2024, it cost the VI $4.6 million to detain and repatriate illegal migrants.
Risk reduction measures recommended in the Report to address migrant smuggling include strengthening border security measures; improved intelligence sharing by regional and international law enforcement agencies, regional partners, and international organisations; the enhancement of legal and regulatory infrastructure; and public awareness and community engagement efforts.
The Commission considers it crucial that financial institutions consider the Report in its entirety, as the factors addressed therein are applicable when it comes to required ongoing monitoring to mitigate against illicit activity, including money laundering, terrorist financing and proliferation financing when handling transactions, and taking on and maintaining business relationships.
The Report can be accessed here.
Any questions or concerns in relation to this Circular should be directed to [email protected].
