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15 money laundering involving BVI business companies (BVIBCs) highlighted in the latest NRA

22/04/2025

ON Thursday, 17 April 2025, it was reported that

  • The British Virgin Islands (BVI) published a national risk assessment (NRA) that reaffirmed the jurisdiction's commitment to global standards on transparency, beneficial ownership, and financial crime prevention.

15 recent cases relating to money laundering involving BVI business companies (BVIBCs).

  • IN THE report, 15 public domain cases involving money laundering in BVI business companies (BVIBCs) were highlighted
  • In most cases examined,
    • The general and limited partners in these LPS were also a partnership or company, making it difficult to ascertain the valid beneficial owner.
    • Involved allegations of
      • Corruption against a non-BVI politically exposed person (PEP)
      • Predicates of fraud and tax evasion.
  • In all cases but one, the BVIBC was part of an international structure.
  • In three cases, the BVIBC owned real estate in London, which was allegedly purchased with the proceeds of crime.
  • In two cases, a PEP relative or employee beneficially owned the BVIBC alleged to have been misused.
  • In four cases, the BVIBC was part of a trust structure. The beneficial owners of the companies were from a wide range of countries, and some of the cases involved more than one BVIBC.
  • Two money laundering cases via limited partnerships (LPs) were also uncovered, involving BVI limited partnerships misused in international corruption schemes.
  • Two cases were also found relating to the misuse of BVI trust structures by PEPs for money laundering purposes. The predicate offences in those cases were fraud, corruption and embezzlement.

THE REPORT SCORES ARE:-

Sources

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.