The British Virgin Islands’ Financial Services Commission shared summaries of legislative updates to the Business Companies Act and Business Companies Regulations which seek to strengthen the territory’s legal and regulatory regime, including on anti-money laundering and counterterrorism financing.
The Financial Services Commission of the British Virgin Islands launched a consultation of the establishment of a registration and supervisory framework covering virtual assets as outlined under the draft Virtual Assets Service Providers Act, 2022.
Accused NatWest money launderer stands trial, pressure builds on EY in Germany, and more, in the weekly roundup.
BVI in Corruption and Governance Crisis Ahead of FATF Evaluation
The arrest of British Virgin Islands Premier Andrew Fahie on U.S. drug trafficking and money laundering charges in Miami last month amounts to more than just a temporary, albeit significant, source of embarrassment for the overseas territory.
The Financial Services Commission of the British Virgin Islands issued a $30,000 administrative penalty against the Road Town-based entity for violating Section 31B of the Anti-Money Laundering Terrorist Financing Code of Practice, 2008.
The British Virgin Islands Financial Services Commission issued a $20,000 administrative penalty against the Road Town-based corporate services provider for violating the Anti-Money Laundering Terrorist Financing Code of Practice, 2008.
| Technical | Effectiveness |
|---|---|
| Compliant : 18 | High : |
| Largely Compliant : 15 | Substantial : |
| Partially Compliant : 15 | Moderate : |
| Non-Compliant : 1 | Low : |
| Rank : N/A |
| Score : N/A |
| Rank : N/A |
| Score : N/A |
| Rank : 9/133 |
| Score : 71/100 |