Regulatory Alerts2012-11-27
Non-Profit Organisations Act, 2012
The Legislature of the Virgin Islands enacted this Act to establish a mandatory registration and supervision framework for non-profit organizations to prevent their misuse for money laundering or terrorist financing. The legislation creates a Non-Profit Organisation Registration Board to manage applications and deregistration, while empowering the Financial Investigation Agency to monitor compliance, inspect records, and conduct inquiries. Registered entities are subject to strict obligations regarding financial reporting, record maintenance, and notification of changes, with administrative penalties and criminal sanctions enforced for non-compliance.
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