BVI set to improve its current anti-money laundering regime

By in

In an effort to come up to date with international efforts and standards towards transparency, BVI aims to strengthen its anti-money laundering regime.
Despite the fact that the latest draft legislation has not yet been published, proposed regulatory changes have unofficially been known to the media. The new regulation enhancing the anti-money laundering regime is expected to come into force on January 1st 2016.

The new changes are likely to affect the clients of approved professional Intermediaries (PI), as of next year, PI clients who incorporate a new company in the British Virgin Islands will be required to disclose the ultimate beneficial ownership to the company’s registered agent.

For each ultimate beneficial owner, PI clients will need to provide their name, date of birth, residential address and nationality. The BVI government also announces that a register of Directors for each active BVI company will need to be filed using the BVI registry system.

These changes will also apply to existing companies within the BVI, however it is possible that a 12-month transitional “grace” period will be provided.