Regulatory Alerts2021-07-22
Financial Investigation Agency (Amendment) Act, 2021
The Legislature of the Virgin Islands enacted this Act to amend the Financial Investigation Agency Act, 2003, thereby expanding the Agency's statutory powers and supervisory responsibilities. The legislation introduces new definitions for financial crimes, establishes a Board of the Agency, and mandates the supervision of designated non-financial businesses and professions as well as non-profit organizations. It further empowers the Agency to freeze accounts, require document production, and enforce fit and proper person tests to combat money laundering, terrorist financing, and proliferation financing.
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