Regulatory Alerts2025-10-29
Memorandum of Understanding Between Authorities on Sanctions Regimes in the Virgin Islands
The Governor’s Office, Attorney General’s Chambers, Financial Services Commission, and nine other Virgin Islands regulatory and enforcement authorities have established a formal Memorandum of Understanding to coordinate the implementation of domestic and international sanctions across financial, trade, immigration, and transport sectors. The agreement mandates structured information exchange through spontaneous notifications and formal written requests, while establishing a Sanctions Committee to oversee collaborative investigations, evidence gathering, and enforcement actions. By aligning inter-agency operations with United Nations Security Council Resolutions, UK Regulations, and FATF standards, the MOU ensures strict confidentiality, prevents sanctions evasion, and upholds the Virgin Islands’ compliance with its national and international legal obligations.