Regulatory Alerts2024-09-26
Proliferation Financing (Prohibition) (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Proliferation Financing (Prohibition) Act, 2021, by establishing strict liability offences for dealing with or making assets available to designated persons. The legislation mandates reporting requirements for transactions involving designated countries, persons, or entities and removes previous monetary thresholds for such disclosures. Additionally, the Act empowers the Agency to issue compliance guidelines regarding asset freezing, reporting obligations, and monitoring of financial institutions.
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