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The British Virgin Islands, identified by U.S. officials as a secrecy jurisdiction, enacted anti-money laundering legislation last week that requires financial institutions to identify the beneficial owners of companies, cut ties with shell banks and refuse requests to open anonymous accounts. The measure, which replaces guidance issued in 1999 and expands financial crime laws dating to 1992, helps the Caribbean jurisdiction comply with the European Union's Third Money Laundering Directive. The directive also calls for member states to mandate that banks adopt a risk-based approach to AML programs and that lawyers and other professionals identify the beneficial owners of companies,...