The BVI Financing and Money Services Act, 2009 (the ‘Act’) came into force on March 31, 2010. The Act
introduces a new regulatory regime for the licensing, registration and supervision of individuals and businesses
who carry on ‘financing business’ and ‘money services business’ in or from within the British Virgin Islands (BVI)
together with criminal offences for breach or non-compliance. The primary focus of the legislation is on business
activities being conducted within the BVI or with BVI residents. Therefore, international business activities that
do not conduct business in or within the BVI but through BVI companies or other entities will not be affected.
 

The introduction of the Act is yet another example of the BVI’s strengthening commitment in establishing
a legislative and regulatory framework on par with international best standards in the combat of money
laundering and terrorist financing purposes. The Act is intended to adhere to Recommendation 23 of the
Financial Action Task Force’s (FATF) 40 Recommendations on combating money laundering. FATF is an intergovernmental
body whose purpose is the development and promotion of national and international policies
to combat money laundering as well as terrorist financing. Under Recommendation 23, businesses ‘providing
a service of money or value transfer, or of money or currency changing should be licensed or registered, and
subject to effective systems for monitoring and ensuring compliance with national requirements to combat
money laundering and terrorist financing.’