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Updates to the British Virgin Islands Anti-Money Laundering regime and changes for MLROs

Prior regulatory approval is now required for MLRO appointments – previously it was a notification requirement that had to be submitted within 14 days of the MLRO appointment. Firms in scope will now need to factor in...more

Global Legal Insights FinTech 2024: British Virgin Islands chapter

The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more

Cayman Islands and BVI Sanctions Update – New Licensing Grounds for Russia Related Divestments

New specific licensing grounds available under Cayman Islands and BVI Russia sanctions will pave the way for Cayman Islands and BVI investment funds and other entities to divest their frozen assets in Russia as well as remove...more

Global Legal Insights Fintech 2023: BVI

Approaches and developments - The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in...more

BVI update to the Economic Substance rules

The Economic Substance (Companies and Limited Partnerships) Act, as amended (the "ESA"), requires BVI legal entities which engage in relevant activities to maintain economic substance in the BVI. Our 'Overview of the British...more

Update on BVI

The British Virgin Islands (BVI) government has succeeded in its request for a supplementary review to more accurately reflect its current legislative status following the EU's decision last month to add the BVI to its list...more

Virtual asset services in the British Virgin Islands

The BVI Virtual Asset Service Providers Act (VASP Act) came into force on 1 February, providing clarity and certainty on the regulatory landscape for virtual asset services (VASPs) operating in or from within the BVI. ...more

The British Virgin Islands and the EU List of Non-Cooperative Tax Jurisdictions

The EU has announced it is has added the British Virgin Islands (BVI) to its list of non-cooperative jurisdictions for tax purposes. The BVI Government has since issued a statement highlighting that it has already introduced...more

Data Protection in the British Virgin Islands

The British Virgin Islands ("BVI") Data Protection Act, 2021 ("DPA") came into force on 9 July 2021. It was introduced so the BVI would have a data protection framework which is broadly similar to EU and UK standards. To...more

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