Regulatory AlertsFinancial Investigation Agency Act (Revised 2020)
The Government of The Virgin Islands enacted this Act to establish the Financial Investigation Agency as a body corporate responsible for receiving, investigating, and disseminating information related to financial offences. The legislation empowers the Agency to freeze bank accounts for up to five days and restrict transaction completions for up to seventy-two hours to prevent money laundering and terrorism financing. It further defines the governance structure, including a Board and Steering Committee, while granting immunity to officers and protecting those who report suspicious activities in good faith from legal liability.
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