Regulatory Blog

On 23 June 2025, the Government of the Virgin Islands introduced a policy governing access to the Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships. This initiative aligns with international standards for corporate transparency, anti-money laundering, counter-terrorism financing, and counter-proliferation financing, while safeguarding individual privacy.

On 20 June 2025, the Government of the Virgin Islands published a Proclamation bringing the Proceeds of Criminal Conduct (Amendment) Act, 2025 into force on 6 June 2025. This legislation introduces enhanced measures to combat money laundering, strengthen financial transparency, and facilitate international cooperation.

On 6 March 2025, the European Banking Authority initiated a public consultation on four draft Regulatory Technical Standards as part of its advisory response to the European Commission. These RTS aim to bolster the EU's new anti-money laundering and counter financing of terrorism framework.

The Registration Duty, Estate, and VAT Authority has clarified that all Alternative Investment Funds, including unregulated AIFs and not limited to RAIFs only, are required to comply with the Anti-Money Laundering and Countering the Financing of Terrorism reporting obligations. These requirements go beyond Reserved Alternative Investment Funds and apply broadly to all AIFs under AED supervision. The AED has also provided guidance on determining if an entity meets the definition of an AIF and therefore falls within scope of the Luxembourg AML Law of 2004. This guidance can be found on the AED’s website.

On 21 February 2025, the Financial Action Task Force released significant updates regarding jurisdictions under increased monitoring and high-risk jurisdictions subject to a call for action. These updates highlight global efforts to improve anti-money laundering, combating the financing of terrorism, and counter-proliferation financing measures.

On 13 March 2025, the Bermuda Ministry of Justice issued AML-ATF Advisory 1/2025, highlighting the need for heightened vigilance when dealing with jurisdictions deemed high-risk for money laundering and terrorist financing. This advisory underscores the regulatory responsibility of AML/ATF regulated financial institutions and other relevant persons under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 to strengthen compliance measures in relation to high-risk countries.

The BVI International Tax Authority recently hosted a Common Reporting Standards webinar, introducing substantial updates to CRS compliance and upcoming regulatory requirements for financial institutions. These changes, coupled with key filing deadlines for 2025, highlight the heightened focus on regulatory compliance within the BVI.

On 21 February 2025, the BVI Financial Services Commission released a series of three educational videos designed to develop understanding and bolster compliance regarding Proliferation Financing. These videos serve as a valuable resource for licensed entities seeking to enhance their risk management strategies.

On 21 February 2025, the BVI Financial Services Commission released its revised Handbook on International Co-operation and Information Exchange. This updated guide reflects the BVI’s commitment to international collaboration in tackling critical global issues, including money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

On 24 January 2025, the BVI Financial Services Commission and the Financial Investigation Agency issued new guidance to enhance how financial institutions and designated non-financial businesses and professions monitor their customers.

The BVI has implemented changes to its beneficial ownership framework as relevant to companies and limited partnership, with key changes effective from 2 January 2025. In this Q&A, we break down and summarise the new requirements relating to the changes, and what these mean for owners and operators of BVI entities and registered agents operating within the jurisdiction.

On 2 December 2024, the Bermuda Monetary Authority released several key documents to guide insurance entities in their year-end reporting and compliance obligations. These publications are essential for ensuring adherence to regulatory standards and for maintaining the integrity of Bermuda's insurance sector.