Excerpt from the Speech from the Throne Delivered by His Excellency the Governor Mr. John J. Rankin, CMG at the First Sitting of the Fifth Session of the House of Assembly in the context of "Resilience, Revenue, Reform, and Recovery: The Virgin Islands in Transition.
Several pieces of legislation will be brought forward with regards to updating and strengthening the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) legal framework. These will include the following enactments:
Anti-money Laundering Regulations – to tighten areas that may be identified through ongoing interaction with the Caribbean Financial Action Task Force/International Monetary Fund (CFATF/IMF) Assessors prior to the onsite visit in March 2023;
Anti-money Laundering and Terrorist Financing Code of Practice – to tighten areas that may be identified through ongoing interaction with the CFATF/IMF Assessors prior to the onsite visit in March 2023;
Criminal Justice (International Cooperation) Act – to ensure full compliance with the confidentiality obligations required under FATF Recommendation 37, Criteria 37.5;
Customs Management and Duties Act – to consider and deal with requirements relating to outgoing mail;
Drugs (Prevention of Misuse) Act – to expand the list of narcotics and psychotropic substances to ensure full compliance with the UN Convention on Narcotics and Psychotropic Substances, 1988 (the Vienna Convention);
Trustee Act – to ensure full compliance with the FATF requirements with regard to the application of AML/CFT OBLIGATIONS in relation to trusts; and
Financial Services (Private Trust Companies) Regulations – to ensure full compliance with the FATF requirements with regard to the application of AML/CFT obligations in relation to trusts.
Legislation will also be brought forward with respect to updating the regulatory framework via The Banking Code, The Banking Act, The Trust and Company Service Providers Act, The Financial Services Commission Act, The Credit Union Act, Virgin Islands Deposit Insurance Act, and the Virgin Islands Deposit Insurance Regulations.
For entire speech, click here.
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Adrianna Soverall
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asoverall@bvifinance.vg |Tel: 284-852-1957