BVI among major money laundering centres listed in US report

The latest US International Narcotics Control Strategy Report, in its part dedicated to money laundering, put the British Virgin Islands on the list of “Major Money Laundering Jurisdictions” for the year 2018. Among other territories listed there were all major Caribbean and Central American countries, including Belize, British Virgin Islands, Cayman Islands, Colombia, Costa Rica, Cuba, Curacao, Dominica, Panama, St Kitts and Nevis, Venezuela and many others.

The US added also the United Kingdom, Spain and The Netherlands, and itself on the list of major money laundering jurisdictions. The countries not included are some US protectorates along with France overseas territories Martinique, Guadeloupe and French Guiana. It is not indicated in the report whether the US will impose any sanctions on those countries included on the list of the major money laundering centers.

The United States is a founder and member of the Financial Action Task Force (FATF), which works in close co-operation on tax-avoidance issues with the Organization for Economic Co-operation and Development (OECD), related to the European Union. The EU tax haven blacklist seeks to penalize countries found to be tax havens and money laundering centers, while the INCSR is mainly short note on to further guidance on AML regimes.

This entry was posted in British Virgin Islands, Money Laundering, Offshore tax havens, Tax avoidance, Tax Shelters. Bookmark the permalink.

Leave a Reply