Regulatory Alerts2021-06-22
Financing and Money Services (Amendment) Act, 2021
The Legislature of the Virgin Islands enacted the Financing and Money Services (Amendment) Act, 2021 to amend the Financing and Money Services Act, 2009. This legislation inserts a new subsection into section 45A requiring the Commission to retain ten thousand dollars from quarterly transaction levy collections before transferring the remainder to the miscellaneous purposes fund. The Act was assented to on June 14, 2021, and is deemed to have come into force on May 4, 2020.
1 No. 22 of 2021 VIRGIN ISLANDS FINANCING AND MONEY SERVICES (AMENDMENT) ACT, 2021 ARRANGEMENT OF SECTIONS Section 1…Short title and commencement. 2…Amendment of section 45A.
2 No. 22 of 2021 Financing and Money Services Virgin (Amendment) Act, 2021 Islands I Assent (Sgd.) John J. Rankin CMG Governor. 14th June, 2021 VIRGIN ISLANDS No. 22 of 2021 An Act to amend the Financing and Money Services Act, 2009 (No. 9 of 2009) and to provide for other matters connected therewith. [Gazetted 22nd June, 2021] ENACTED by the Legislature of the Virgin Islands as follows:
- This Act may be cited as the Financing and Money Services (Amendment) Act, 2021, and shall be deemed to have come into force on the 4th day of May, 2020.
- The Financing and Money Services Act, 2009 (hereinafter referred to as “the principal Act”) is amended in section 45A by inserting after subsection (4), the following new subsection:
“(4a) The Commission shall before paying over the transaction levy to the miscellaneous purposes fund collected at quarterly intervals under subsection (4), retain the sum of ten thousand dollars from the amounts collected in respect of the transaction levy.” Passed by the House of Assembly this 11th day of May, 2021. (Sgd.) Julian Willock, Speaker. (Sgd.) Phyllis Evans, Clerk of the House of Assembly. Short title and commencement. Amendment of section 45A. No. 9 of 2009