National Risk Assessment Council (NRAC)
The NRAC serves as the policy making body for the Virgin Islands’ National Risk Assessment exercise. It is responsible for charting the way forward on any significant policy issues that relate to or concern the conduct of the NRA. It is a high-level institution that provides guidance on policy issues – ranging from ensuring high political commitment to the AML/CFT process, to the actual conduct of the NRA, and the remediation of vulnerabilities and weaknesses found as a consequence.
National Risk Assessment Steering Group (NRASG)
The NRASG is the central co-ordinating body for the Virgin Islands’ National Risk Assessment exercise, and has full responsibility for the preparation, conduct and review of the NRA. The NRASG functions as an executing agency/institution to steer the Territory’s NRA and overall compliance with established standards on combating money laundering and terrorist financing.
Assessors have been specially selected and trained for the NRA from the membership of the Intergovernmental Committee on AML/CFT.
Assessors are responsible for the conduct of the NRA, which includes:
collecting data through on-site visits to various companies and government agencies throughout the Territory
analysing of the results of the questionnaires that these companies and agencies are asked to complete before the scheduled on-site visits.
drafting sectoral and aggregate reports based on their findings
carrying out threat assessments on external factors that impact the Virgin Islands, and
Public Education Committee (PEC)
The PEC is responsible for sensitizing the public on AML/CFT issues generally and specifically with regard to the conduct of the NRA. The goal of the PEC is to make the pubic aware of the nature, scope and consequences of money laundering and the financing of terrorism and proliferation thereby enabling them to guard against being used to perpetuate such activities or becoming innocent victims.
To successfully achieve its goal the PEC will engage in various campaigns including publishing literature on the NRA and AML/CFT matters, participating in speaking engagements and using email, social and online media to disseminate information to the public.
The NRA Communications Committee was formed to ensure that the general public is kept informed of the progress of the NRA by ensuring key decisions taken by the National Risk Assessment Council and National Risk Assessment Steering Group are effectively communicated to the wider public.
Key functions of the Communications Committee are to appropriately sensitize the general public on the importance of the NRA exercise, to keep them duly informed of the progress of the NRA
The Joint Anti-money Laundering and Terrorist Financing Advisory Committee (JALTFAC) has a statutory remit through the Proceeds of Criminal Conduct Act, 1997 for advising the Financial Services Commission on initiatives for the prevention and detection of money laundering and terrorist financing activities and therefore play a critical advisory role in the NRA process.
The Inter-governmental Committee on AML/CFT matters (IGC) serves as a conduit for the sharing of information between key agencies involved in the fight against ML/TF. The agencies that constitute the IGC have acquired their membership primarily because of their important nexus to AML/CFT activities as each of them is prone to use and abuse for money laundering activities. They each, in some measure, have responsibility for guarding and protecting the Territory’s security perimeter and thus enhancing the Territory’s ability to cooperate effectively on domestic and international mutual legal assistance matters.