BVI Financial Services Commission imposed a $440,000 fine on Mossack Fonseca & Cо. for compliance violations
It turned out to be the largest penalty throughout the history of the Islands. The principle violations related to anti-money laundering laws. The Commission will above all, control the implementation of its remedial measures in the company’s office.
The penalty amount is disproportionally large, some experts say, adding that the issue could have been resolved much earlier if the BVI had agreed to draw up a public register of local offshore companies’ Beneficiaries.