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Public Notice - DNFBPs

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Proceeds of Criminal Conduct Act, 1997, as amended

Anti-Money Laundering Regulations 2008, as amended

Anti-Money Laundering and Terrorist Financing Code of Practice 2008, as amended

Non-Financial Business (Designation )Notice, 2008

 

APPLICATION

This Public Notice is applicable to the following:

  1. Legal practitioners, notaries public or accountants undertaking relevant business, that is, the provision of services to clients, which involve transactions concerning any of the following activities-
    1. Buying and selling of real estate;
    2. Managing of client money, securities, or other assets;
    3. Management of bank, savings or securities accounts;
    4. Organization of contributions for the creation, operation or management of companies; and
    5. Creation, operation or management of legal persons or arrangements, or buying and selling of business entities. 
  2. Real estate agents undertaking relevant business, that is, the business of acting as a real estate agent when engaged in a transaction for a client concerning the buying and selling of real estate.
  3. Persons engaged in the business of dealing in precious metals or precious stones when such transactions involve accepting a cash payment of $15,000 or more or the equivalent in any other currency.
  4. Persons engaged in the business of buying and selling boats, vehicles, jewellery or other high-valued goods such as furniture, machinery and art (relating to paintings and sculptures that are of intrinsic value) when such transactions involve accepting a cash payment of $15,000 or more or the equivalent in any other currency.

The above mentioned businesses and professions shall hereinafter be referred to as Designated Non-Financial Businesses and Professions ("DNFBPs").

ACTION REQUIRED

The Anti-Money Laundering and Terrorist Financing Code of Practice 2008, as amended, applies to all DNFBPs. The Financial Investigation Agency (the"Agency") is responsible for the supervision and monitoring of DNFBPs in the British Virgin Islands (hereinafter referred to as the "Territory"), to ensure compliance with the relevant legislation.

The Agency is inviting all DNFBPs engaged in business within and/or operating from the Territory to notify the Agency of their operations.

Please contact the Agency's Supervision and Enforcement Unit on telephone number284-494-

1335 or via email at complianceunit@fiabvi.vg by 30 June 2020. The Agency will then contact you with information on the next steps required.

 

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Any person that fails or refuses to provide information to the Agency that it considers relevant to the performance of its functions commits an offence and is liable on summary conviction to a fine not exceeding twenty thousand dollars or to imprisonment for a term not exceeding two years or to both.

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If you have any questions, feel free to contact us.

Address :

PO Box 4090
Road Town, Tortola VG1110
BRITISH VIRGIN ISLANDS

Phone : (284) 494-1335

Fax: (284) 494-1435

Email : info@fiabvi.vg

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