Regulatory Alerts2024-09-26
Trustee (Amendment) Act 2024
The Legislature of the Virgin Islands enacted this Act to amend the Trustee Act, Revised Edition 2020, by mandating that relevant trustees collect, verify, and maintain accurate beneficial ownership information for applicable trusts. The legislation requires trustees to update records within thirty days of any changes, retain documentation for at least five years post-termination, and cooperate with competent authorities and law enforcement agencies upon request. Trustees who fail to comply or provide false information face criminal offences with fines not exceeding $75,000.
Share