“Money laundering” happens when “dirty money,” obtained from criminal activities, is converted through legitimate business, into assets that cannot easily be traced back to their illegal source or origins. According to the Financial Action Task Force (FATF), money laundering is the process by which the proceeds of crime are made to appear legitimate. The money can come from a range of criminal activities, such as theft, drug dealing, corruption, human trafficking, fraud, prostitution, and embezzlement. Dirty money is disguised in a wide variety of simple and sophisticated ways. See the FATF’s FAQ on money laundering for more information.
Money laundering is illegal in the BVI and its activities are monitored and investigated under the Proceeds of Criminal Conduct Act. If you know money was involved in criminal activity and you still launder or assist in laundering it, you have committed an offense under the Proceeds of Criminal Conduct Act.