Industry Circular 21 of 2024 - 2024 Terrorist Financing Risk Assessment Survey

2024 Terrorist Financing Risk Assessment Survey

The Virgin Islands conducted its first Terrorist Financing (TF) Risk Assessment in 2020 in an effort to identify the TF risk to which the Territory is exposed.  In keeping with its responsibility to ensure an ongoing understanding of developing TF risk, the Territory is now in the process of updating that risk assessment. As part of this process, data is being sought from all financial services licensees to feed into the assessment to ensure proper identification of any existing vulnerabilities that would heighten the Virgin Islands’ TF risk.  

The FSC is, therefore, seeking your support in gathering data to assist in identifying the relevant TF risks that currently impact the Territory through the completion of this short online survey.  

Who should complete: All financial services licensees: 

• Banks
• Financing businesses
• Money services businesses
• Insurers and insurance intermediaries
• Investment business licensees (including approved investment managers) 
• Trust and corporate service providers) including those providing trustee and company management services)
• Insolvency Practitioners 
• Virtual Asset Services Providers

Where: Survey Link

When: Surveys should be completed by 12 July 2024

Why: Updating this assessment will allow the Virgin Islands to:

• identify any changes to the TF risks affecting the Territory;
• put measures in place to effectively mitigate such risks; and
• ensure an ongoing understanding of its terrorist financing (TF) risks

The FSC thanks you for your cooperation and looks forward to receiving your submissions.