ANTI-MONEY LAUNDERING REGULATIONS IN THE BRITISH VIRGIN ISLANDSThe British Virgin Islands (BVI), considered an offshore haven for financial services, has introduced a range of legislation aimed at tackling the problems of money laundering and terrorist financing. The new legal framework introduces mechanisms that bring the BVI’s standards in line with international standards for tackling criminal activities in the financial services sector.
The following questions have been addressed in this article:What is the scope of the Anti-Money Laundering Regulations 2008?
What is the scope of the Anti-Money Laundering and Terrorist Financing Code of Practice 2008?
What legislation does the Anti-Money Laundering Code replace?
What is the scope of the Non-Financial Business (Designation) Notice 2008?
What happens after a money laundering report is made to a firm’s Money Laundering Reporting Officer?