Regulatory Alerts2009-11-17
Proliferation Financing (Prohibition) Act, 2009
The Legislature of the Virgin Islands enacted this Act to empower the Financial Investigation Agency to impose directions on financial sector entities to mitigate risks of terrorist financing, money laundering, and proliferation activities. The Agency may require enhanced customer due diligence, ongoing monitoring, systematic reporting, or the restriction of business relationships with designated persons or countries posing significant risks. Non-compliance with these directions or licensing conditions constitutes a criminal offense subject to civil penalties, while the Agency retains broad powers to demand information and inspect premises to enforce these measures.
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