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The Demystification of the BVI Financial Services Industry: The new Financing and Money Services Act, 2009

December 2010 Updated on 11 January 2011 Cora S. Miller

The BVI Financing and Money Services Act, 2009 (the “Act”) came into force on March 31, 2010. The Act introduces a new regulatory regime for the licensing, registration and supervision of individuals and businesses who carry on “financing business” and “money services business” in or from within the BVI together with criminal offences for breach or non‐compliance. The primary focus of the legislation is on business activities being conducted within the BVI or with BVI residents. Therefore, international business activities that do not conduct business in or within the BVI but through BVI companies or other entities will not be affected.

Clients providing money transmission, cheque cashing, issuing money orders or currency exchange may now be required to be licensed under the new Financing and Money Services Act, 2009 and are advised to seek legal advice in BVI to determine whether the Act applies to their specific business activities.

Learn more below.

 

To continue reading full articles in PDF format:
The Demystification of the BVI Financial Services Industry: The new Financing and Money Services Act, 2009

 


Cora S. Miller
Counsel

British Virgin Islands, Cayman Islands   +1 284 346 1112


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Articles

The Demystification of the BVI Financial Services Industry: The new Financing and Money Services Act, 2009

30 December 2010 Updated on 11 January 2011 Cora S. Miller

The BVI Financing and Money Services Act, 2009 (the “Act”) came into force on March 31, 2010. The Act introduces a new regulatory regime for the licensing, registration and supervision of individuals and businesses who carry on “financing business” and “money services business” in or from within the BVI together with criminal offences for breach or non‐compliance. The primary focus of the legislation is on business activities being conducted within the BVI or with BVI residents. Therefore, international business activities that do not conduct business in or within the BVI but through BVI companies or other entities will not be affected.

Clients providing money transmission, cheque cashing, issuing money orders or currency exchange may now be required to be licensed under the new Financing and Money Services Act, 2009 and are advised to seek legal advice in BVI to determine whether the Act applies to their specific business activities.

Learn more below.

 

To continue reading full articles in PDF format:
The Demystification of the BVI Financial Services Industry: The new Financing and Money Services Act, 2009

 


Cora S. Miller
Counsel

British Virgin Islands, Cayman Islands   +1 284 346 1112


 

expertise

Investment Funds


International Office(s)

British Virgin Islands