The NRA Framework is designed to serve as a guide to the conduct of the Virgin Islands’ NRA and, in particular, to assist Assessors in the conduct of the NRA. This Framework envisages that the Virgin Islands’ risk assessment will be approached from a holistic standpoint and will cover all sectors of the Virgin Islands’ economy.

The NRA Framework provides an overview of the Virgin Islands as an International Finance Centre, as a good starting point to better understanding Money Laundering (ML) and Terrorist Financing (TF) activities is to identify the nature and size of the Territory’s economy.  Such understanding will enable assessors to identify the areas that may be more prone to abuse for ML and TF purposes and hence need greater protection against such risk. 

The Framework also provides an understanding of Proliferation Financing (PF) and other forms of criminal activity as well as explains the purpose and scope of the risk assessment, the various approaches that may be taken in conducting a risk assessment, and the threat factors that should be taken into consideration when assessing risk.  

The offence of ML invariably relates to funds whose source is illegal and varied, and generally stem from the commission of a predicate offence. All predicate offences are clearly mapped out in the Framework and guidance is provided on the factors that Assessors should be looking for to ensure threats and vulnerabilities are identified.

The Framework explains how data collected during the risk assessment should be analysed and evaluated, and consequences of these risks identified.  The Framework also acts as a guide for assessors in preparing the NRA Report which will be presented to the National Risk Assessment Council before being submitted to the Government of the Virgin Islands.