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Regulatory Blog

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BVI calls for feedback on proposed Virtual Assets Service Providers Bill 2022
On 9 September 2022, the BVI Financial Services Commission (FSC) issued a draft of the BVI’s proposed new legislative framework governing Virtual Assets Service Providers (VASPs). The proposal is in line with the requirements of the Financial Action Task Force (FATF) on VASP regulation globally.
BVI FSC’s new Authorisation and Supervision Division is now operational
The British Virgin Islands Financial Services Commission (BVI FSC) announced that its new Authorisation and Supervision Division has become fully operative as of 1 July 2022.
BVI Governor’s Office provides guidance on UK Overseas Territories sanctions
On 12 May 2022, the office of the Governor of the British Virgin Islands (the Governor), the Financial Services Commission (the FSC) and the Financial Investigation Agency (the FIA) held a joint training conference via the BVI Compliance Association regarding sanctions (the Conference).
BVI FIA issues FAQs on suspicious transaction reporting
The BVI Financial Investigation Agency (FIA) has published various suspicious transaction reporting documents to assist licensees in identifying suspicious activities and understanding the obligations to report such activities.
BVI amends FATCA and CRS legislation
On 12 July 2022, the International Tax Authority announced amendments to the Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2022 that contains significant amendments to the Foreign Account Tax Compliance Act and Common Reporting Standard legislation. Amendments were also announced to the International Tax Authority (Amendment) Act, 2022.
Red alert issued in respect of financial sanctions evasion typologies – Russian elites and enablers
On 21 July 2022, the BVI Financial Services Commission (the FSC) issued Industry Circular No. 4 highlighting a “red alert” which has been issued by the UK National Economic Crime Centre (the NECC).
BVI FSC calls for feedback on amendments to AML/CFT legislation
On 7 July 2022, the BVI Financial Services Commission (FSC) released a public consultation asking for opinions and comments on the proposed amendments to Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice. The proposed amendments are geared towards compliance with international standards established by the Financial Action Task Force (FATF) and also intended to modernise and clarify existing provisions within the legislation.
BVI Incubator and Approved Funds: June and July Filing Deadlines
Incubator and approved funds should be aware of the upcoming deadlines for filings to be made with the Financial Services Commission.
BVI Approved Manager: June filing deadline
Approved managers with a 31 December year-end should be aware that financial statements must be filed with the Financial Services Commission by 30 June 2022.
BVI FSC reminds industry on sanctions obligations
On 2 May 2022, the Financial Services Commission (FSC) and the Financial Investigation Agency (FIA) issued joint industry Circular No. 2, reminding entities licenced or otherwise authorised or approved to carry on business in and from within the BVI (the Relevant Entities), that as an Overseas Territory, the BVI is required to comply with all sanctions issued by the United Kingdom extended to it by way of the relevant Overseas Territories Sanctions Orders.
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