Understanding its provisions is crucial for all affected entities to ensure they meet their statutory duties and avoid administrative penalties.

The primary objective of the Financial Investigation Agency (Returns) Order, 2025 (the Order) is to streamline and formalise the process for submitting returns. Made under the authority of section 5R of the Financial Investigation Agency Act, Revised Edition 2020, the Order is designed to enhance the Financial Investigation Agency's (FIA) supervisory capabilities.

The core purposes include:

• Timely submission: To facilitate the prompt preparation and filing of returns by DNFBPs and NPOs.
• Data analysis: To enable the FIA to analyse statistical data, identify compliance deficiencies, and develop informed supervisory strategies.
• Information requests: To allow the FIA to respond efficiently to statistical inquiries and other requests for information.
• Electronic filing: To facilitate a modern, electronic system for filing returns, improving efficiency and accuracy.
• Fulfilling obligations: To ensure the FIA can meet its obligations and undertakings as a supervisory body.

The Order applies to all DNFBPs and NPOs over which the FIA exercises supervisory responsibility pursuant to section 5C of the Act.

Key reporting requirements

The Order establishes clear and non-negotiable deadlines for the submission of returns. Compliance with these timelines is mandatory for all applicable entities.

Who is required to file?

Every DNFBP and NPO subject to the FIA's supervision must file the relevant return. The specific requirements are detailed in Schedule 1 for DNFBPs and Schedule 2 for NPOs.

Filing deadlines

Both DNFBPs and NPOs are required to file their respective returns by 31 December each year. The return will cover the activities of the preceding calendar year. For example, the return filed by 31 December 2026, will pertain to the 2025 calendar year. This annual reporting cycle is critical for maintaining up-to-date records and facilitating ongoing risk assessment.

Legal context and penalties

The Order is not a standalone directive but is firmly rooted in the Financial Investigation Agency Act, Revised Edition 2020. This legislative backing gives the Order its authority and defines the consequences of non-compliance.

Penalties for non-compliance

Failure to adhere to the provisions of the Order constitutes a breach and exposes the DNFBP or NPO to administrative penalties. These penalties are detailed in Schedule 5 of the Order and are designed to enforce compliance

Key breaches include:

• Failure to file a return: Entities that do not submit their annual return by the 31 December deadline will be liable for a fine.
• Failure to ensure accuracy: Submitting a return that contains inaccurate or incomplete information is a contravention of the Order.
• Failure to notify of inaccuracies: If an entity becomes aware of an inaccuracy in a previously filed return, it must notify the Agency. Failure to do so is a punishable breach.

This Order represents a significant step in strengthening the BVI's regulatory framework. We provide expert advice on the laws of the British Virgin Islands and our team is positioned to guide you through these new compliance obligations.

The BVI FIA (Returns) Order 2025 can be found here