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On 31 January 2024, a Memorandum of Understanding
(MoU) between the BVI Financial Services
Commission (FSC) and the BVI Financial
Investigation Agency (FIA) was issued
regarding collaboration in exchanging information relating to due
diligence, money laundering, terrorist financing, proliferation
financing, and in aiding the overall maintenance of the BVI’s
reputation as a financial hub.
BVI FSC is the BVI’s financial services regulator. The BVI
FIA is the financial intelligence unit of the BVI and also
supervises Designated Non-Financial Businesses and Professions as
well as Non-Profit Organisations.
The MoU between the FSC and FIA outlines formal procedures for
cooperation and information exchange and facilitates the exchange
of confidential information and assistance for inquiries or
compliance inspections. It also enables mutual assistance in
identifying financial system risks and addressing emergency
situations involving supervised or regulated entities.
The scope of the MoU encompasses various aspects, including
requesting and providing information related to individuals or
entities associated with the BVI, continuous sharing of relevant
data, and any other agreed-upon information exchange that supports
the fulfilment of both authorities’ mandates.
The Memorandum of Understanding between the FSC and FIA can be
found here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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