The BVI has been added to the Financial Action Task Force (FATF) grey list on 14 June after a mutual evaluation begun in March 2023 flagged shortcomings in its anti–money laundering and counter-terrorist financing framework.
Despite this designation, Junior Minister Lorna Smith affirmed the government’s resolve to address FATF concerns “within the minimum possible time” while advancing its fintech sector.
She highlighted reforms such as the 2021 Regulatory Sandbox, the recent VASP Act and the March 2025 Virtual Assets Advisory Committee and partnerships with BVI Finance, the Robert Mactavious Institute and the National University of Singapore. The Minister argued that the upcoming ‘Fintech on the Seas’ summit underscores the territory’s commitment to innovation and stronger financial safeguards.