BVI new anti money laundering regulations

On 22 February 2008, the Anti Money Laundering Regulations 2008 and the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 came into force.  It demonstrates the BVI Financial Services Commission’s commitment to the highest quality of compliance practice.

A key aspect of this legislation is the application of a risk based approach to customer due diligence. The BVI will now have similar provisions to other leading offshore jurisdictions such as Jersey and Gibraltar.  This legislation will have an impact to the way BVI registered agents deliver services to professional intermediaries.  

The BVI corporate service industry has been invited to submit their input and commentary on the new legislation and we anticipate that this consultation will result in a number of amendments.  We expect to be in a position to set out technical detail in the next Focus.  In the meantime we shall be contacting our clients who will be affected by the legislation to discuss the broader implications.  If you are not a client but would like to contact us to in relation to this matter we will be happy to discuss the changes with you.