Following public consultation on proposed amendments to the BVI's Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice (AML Regulations), which commenced in July 2022, the BVI has amended the AML Regulations pursuant to the Anti-Money Laundering (Amendment) Regulations, 2022, gazetted on 19 August 2022, and the Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice, 2022, gazetted on 29 August 2022.

The amendments are primarily geared towards maintaining compliance with the evolving international standards established by the Financial Action Task Force and also seek to modernise and clarify existing provisions within the legislation.

From 1 December 2022, BVI persons engaged in certain virtual asset related businesses will also fall in scope for the first time. More specific virtual assets regulatory legislation is expected in the BVI towards the end of the year.

See our detailed legal update here.