About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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2024 Terrorist Financing Risk Assessment Survey conducted by the BVI
On 21 June 2024, the BVI Financial Services Commission (FSC) published Circular 21 advising the industry that is currently updating its Terrorist Financing (TF) Risk Assessment, originally conducted in 2020, to maintain an ongoing understanding of TF risks.
05 Jul 2024
BVI FSC reminds the industry of filing deadlines and guidelines
On 28 June 2024, the BVI Financial Services Commission (FSC) published Industry Circular 23 to remind all regulated entities of their upcoming filing and submission deadlines. While the provided schedule is a helpful reference, entities are still responsible for timely submissions despite any potential errors or omissions in the schedule.
05 Jul 2024
New BVI General Licence No. 6 2024: Guidelines for legal fees and expenses
On June 4 2024, the Governor of the Virgin Islands issued General Licence No. 6 2024, which authorises the payment of reasonable professional legal fees and expenses. General Licence No. 6 2024, replaces the previous licences No. 3 and No. 5.
20 Jun 2024
Virgin Islands Government releases Mutual Evaluation Report and National Action Plan
On 26 February 2024, the BVI Ministry of Financial Services released a statement regarding the publication of the Virgin Islands' Mutual Evaluation Report by the Caribbean Financial Action Task Force.
15 May 2024
BVI Financial Services Commission to host Meet the Regulator Forum in Hong Kong
The BVI Financial Services Commission is organising a Meet the Regulator Forum in Hong Kong on 20 May 2024. This closed event aims to bring together stakeholders from the financial services industry, regulatory professionals, and business leaders. The MTR sessions allow the FSC to disseminate information on financial services topics that are of particular interest to the industry.
10 May 2024
British Virgin Islands regulatory inspections and their importance
Licensees and their operators should take note that the BVI Financial Services Commission has recently published reports focussing on the importance of inspections in the forthcoming year, as well as their findings.
03 May 2024
Update to the BVI’s Mutual Legal Assistance (Tax Matters) Act 2003
The Minister, on the advice of the BVI International Tax Authority, made the Mutual Legal Assistance (Tax Matters) (Fees) Order 2024.
23 Apr 2024
Harneys BVI Regulatory team facilitates approval for a leading cryptocurrency market maker under VASPA
Our BVI Regulatory team recently advised Portofino Technologies Global, a prominent cryptocurrency market maker, in successfully securing approval from the Financial Services Commission under the Virtual Assets Service Providers Act.
11 Apr 2024
New Memorandum of Understanding entered into between BVI Financial Authorities
On 31 January 2024, a Memorandum of Understanding between the BVI Financial Services Commission and the BVI Financial Investigation Agency was issued regarding collaboration in exchanging information relating to due diligence, money laundering, terrorist financing, proliferation financing, and in aiding the overall maintenance of the BVI's reputation as a financial hub.
04 Apr 2024