Relevant Legislation for DNFBPs
The following legislation are key for all DNFBPs operating within the Territory:
Proceeds of Criminal Conduct Act, 1997 as amended (“POCCA”)
POCCA is the primary anti-money laundering legislation from which many of the other specific AML/CFT legislation derives. The POCCA defines money laundering within BVI legislation and criminalises tipping off, which is where a person knows or suspects that an investigation is or is about to be conducted into money laundering activities and discloses information to any other person which is likely to prejudice the investigation. The POCCA also makes it a crime not to report a suspicion of money laundering.
Anti-Money Laundering Regulations, 2008 as amended (“AML Regulations”)
The AML Regulations set out the majority of institutions and organisations that are required to adopt AML measures and adhere to the BVI AML legislation. The AML Regulations define “relevant business”, and include within the AML/CFT legislative framework, certain legal professionals, accountants and notaries public as well as real estate agents undertaking buying and selling.
The AML Regulations also outlines the basic obligations an institution or organisation must meet to fulfill their AML obligations including establishing and maintaining identification and verification procedures, maintaining records and transactions, appointing a Money Laundering Reporting Officer (“MLRO”), ensuring staff is trained and establishing procedures in relation to suspicious activities and suspicious transactions.
Non-Financial Business (Designated) Notice, 2008 (“DNFB Notice”)
The DNFB Notice is the BVI legislation that makes the AML Regulations and AML Code applicable to businesses that buy and sell boats, cars, jewelry, high value art, high value furniture and high value machinery.
Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 as amended (“the AML Code”)
The AML Code is the BVI anti-money laundering and terrorist financing legislation that spells out in detail what a DNFBP , its management and staff are required to do to combat money laundering and terrorist financing. It sets out the policies, processes and procedures required by DNFBPs.
Financial Investigation Agency Act, 2003 (“FIA Act”)
The FIA Act is the BVI legislation that established the Agency as an autonomous Agency and outlines its powers and authority.