Regulatory Alerts2020-04-21
Financing and Money Services (Amendment) Act, 2020
The Legislature of the Virgin Islands enacted this Act to amend the Financing and Money Services Act, 2009 by introducing a new transaction levy and establishing a dedicated fund. Class A licensees are required to collect a 7% levy on cross-border money transmission services, with proceeds allocated quarterly to a miscellaneous purposes fund for specific social and economic programs. The legislation also increases penalties for unlicensed money services business operations and grants the Minister authority to adjust levy rates and allocation percentages via Order subject to legislative approval.
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