In a proactive move, the Government of the Virgin Islands published its Terrorist Financing Risk Assessment 2025, highlighting the territory’s commitment to safeguarding its financial system and evolving international standards in counter-terrorist financing.
Terrorist Financing Risk Assessment: A Proactive Initiative
The assessment, initiated by the National Anti-Money Laundering Coordinating Council, aims to inform and strengthen the territory’s ability to combat terrorist financing threats and vulnerabilities. • Initiated proactively in response to evolving methods of terrorist financing
• Undertaken by a cross-agency working group to cover a range of sectors and business types
• Focus on financial institutions, designated non-financial businesses and professions, virtual asset service providers, and other relevant entities
The update builds on the Territory’s first risk assessment published in 2020, highlighting a significant effort to remain proactive and adaptable in the face of emerging threats.
Continued Low Risk, but Elevated Medium-High Risk Areas
The findings of the report confirm that the Territory presents a low risk for the collection and use of terrorist funds, but there are certain areas of medium-high risk that require further consideration. • Movement of terrorist funds through VI entities
• Use of virtual asset platforms and business companies
• Potential misuse of complex structures, cross-border transactions, and rapidly evolving technologies
These areas pose a higher risk due to the potential for misuse and exploitation, necessitating strengthened efforts to mitigate these threats.
Recommendations and Reforms
The report outlines targeted recommendations to further mitigate terrorist financing risk, including:
• Enhanced training for frontline agencies
• Better detection of virtual asset-related threats
• Strengthened data sharing between domestic and international counterparts
The Premier of the Virgin Islands, Dr the Honourable Natalio D. Wheatley, welcomed the publication, emphasizing the territory’s commitment to proactive, data-driven decision-making in the fight against terrorist financing.
Commitment to International Standards
The 2025 assessment reflects the Territory’s continued commitment to upholding international standards in counter-terrorist financing, ensuring the Virgin Islands’ reputation as a reputable international financial centre. •
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