BVI’S TRACK RECORD OF ROBUST FINANCIAL LEGISLATION & INTERNATIONAL COOPERATION

2022

The Mutual Legal Assistance ( Tax) (Amendment) Act

The International Tax Authority (Amendment) Act, 2022

4th Round FATF Mutual Evaluations


20th Anniversary of International Finance Centre (IFC)


20th Anniversary of the BVI Financial Services Commission (FSC)

Business Companies Act (Revised)

AML/CFT Policy and AML/CFT (Revised)

2021

Publication of final BVI National Risk Assessment (NRA) Report


Enactment of Counter-Terrorism Act

2020

AML/CFT Policy and AML/CFT Strategy 2020 – 2022


BVI Business Companies Act (Revised)


Economic Substance Act (Companies and Limited Partnerships) (Revised)


Financial Services Agency Act (Revised)

2019

Regulatory Code (Amendment)

2018

International Tax Authority Act


BVI National Risk Assessment Report (NRA) Progress Report

2017

International Tax Authority Act - Created a body that ensures compliance with requests by international partners for tax-related information


BVI joins the Inclusive Framework for the OECD’s Base Erosion & Profiting Shifting (BEPS) project


Secure Search (Beneficial Ownership) System Act - Legislation to accompany the creation of the Beneficial Ownership Secure Search System (BOSSs)

Proposed Limited Partnership Act - To update The Partnership Act and the BVI’s limited partnership regime Limited Partnership Act 2017

2016

Financial Services Appeal Board Act
Securities & Investment Business (AIFMD) Regulations


BVI - Isle of Man TIEA agreement signed


BVI implements the 0ECD’s Common Reporting Standard

2015

Securities & Investment Business (Incubator & Approved Funds) Regulations


Anti-money Laundering (Amendment) Regulations
Anti-money Laundering & Terrorist Financing Code of Practice


BVI signs FACTA Intergovernmental Agreement

BVI rated ‘largely compliant’ for its approach to tax transparency and exchange of information within OECD Global Forum Peer Review Report

2014

BVI commits to the OECD’s Multilateral Convention on Mutual Assistance in Tax Matters


BVI - South Korea TIEA agreement signed
BVI - Japan TIEA agreement signed
UK extends the Multilateral Convention in Mutual Assistance on Tax Matters to the BVI


Investment Business (Registers) Regulations

2013

BVI joins OECD Anti-Bribery Convention
Computer Misuse & Cybercrime Act


Arbitration Act
Investment Business (Approved Managers) (Amendment) Regulations
BVI Business Companies (Restricted Company Names) Notice


BVI - Guernsey TIEA agreement signed
BVI - Poland TIEA agreement signed
BVI - Canada TIEA agreement signed

2012

Investment Business (Approved Managers) Regulations
BVI Business Companies Regulations
Business Companies (Amendment) Act


BVI - Isle of Man TIEA agreement signed


BVI opts into ‘automatic exchange’ option of the
European Union Savings Tax Directive

2011

BVI - Czech Republic TIEA agreement signed
BVI - India TIEA agreement signed


BVI Business Companies (Restricted Company Names) Notice

2010

Securities & Investment Business Act
Mutual Funds Regulations
Securities & Investment Business (Recognised Jurisdictions) Notice


BVI - Germany TIEA agreement signed
BVI - Portugal TIEA agreement signed


IMF Review of BVI’s financial regulatory policies and financial stability

2009

Proliferation Financing (Prohibition) Act


Independent Review of British Offshore Financial Centres commissioned by the Chancellor of the Exchequer highlights BVI’s progress in meeting international tax transparency standards
BVI recognised as a jurisdiction that had ‘substantially implemented’ OECD’s internationally agreed tax standard


BVI - China (People’s Rep.) TIEA agreement signed 14 other TIEA agreements signed in 2009

Financial Services (Prudential & Statistical Returns) Order
Financial Services (Recognised Custodians) Order
Financing & Money Services Act - provided licencing, registration & supervision for those in financing and money services businesses

2008

BVI rated ‘largely compliant’ by Caribbean Financial Action Task Force (CFATF) in report into BVI’s approach to anti-money laundering and combating the financing of terrorism
Anti-money Laundering & Terrorist Financing Code of Practice
Anti-money Laundering Regulations
Insurance Act - Subsequently updated & amended


BVI - Australia TIEA agreement signed
BVI - UK TIEA agreement signed

2007

BVI FSC welcomed as an ordinary member of the International Organisation of Securities Commissions (IOSCO)

BVI FSC becomes a full member of the Group of International Finance Centre Supervisors (GFICS)


Financial Services (Administrative Penalties) (Amendment) Regulations

2004

Virgin Islands Special Trust Act (VISTA)


BVI Business Companies Act

2003

BVI applies UN Convention Against Corruption


Mutual Legal Assistance (Tax Matters) Act

Insolvency Act -Subsequently updated and amended

Virgin Islands Special Trust Act - Subsequently updated and amended

Financial Investigation Agency Act - Established the Financial Investigation Agency

2002

BVI commits to Organisation for Economic Cooperation & Development (OECD) internationally agreed tax


Anti-Terrorism (Financial & Other Measures) Overseas Territories Order


BVI - United States TIEA agreement signed

2001

Financial Services Commission Act - Established the FSC, BVI’s independent financial services regulator


The Terrorism (United Nations Measures) (Overseas Territories) Order

2000

Criminal Justice (International Cooperation) (Amendment Act

1999

BVI applies UN Convention for the Suppression of the Financing of Terrorism

Proceeds of Criminal Conduct (Designated Countries and Territories) Order - Subsequently updated and amended


BVI Financial Intelligence Unit joins Egmont Group of Financial Intelligence Units

1997

Proceeds of Criminal Conduct Act

1996

Drug Trafficking Offences (Designated Countries and Territories) 0rder - Subsequently updated and amended

Criminal Justice (Enforcement of Overseas Forfeiture Orders) Order

1993

Criminal Justice (International Cooperation) Act - Subsequently updated & amended

1992

BVI joins Caribbean Financial Action Task Force


Drug Trafficking Act· Subsequently updated and amended

1990

Mutual Legal Assistance (USA) Act

1984

International Business Companies Act