Regulatory Alerts2024-12-27
Notice: Banks and Trust Companies (Amendment) Act, 2024
The Virgin Islands Minister of Financial Services, Economic Development and Digital Transformation has issued a statutory notice to establish the effective date for the Banks and Trust Companies (Amendment) Act, 2024. Exercising authority granted under Section 1(2) of the legislation, the Minister formally appoints January 2, 2025 as the date the amended banking and trust company regulations will take effect. This commencement notice was signed on December 19, 2024, and officially published in the Government Gazette on December 27, 2024.
VIRGIN ISLANDS STATUTORY INSTRUMENT 2024 NO. 76 BANKS AND TRUST COMPANIES (AMENDMENT) ACT, 2024 (No. 17 of 2024) A NOTICE MADE BY THE MINISTER OF FINANCIAL SERVICES, ECONOMIC DEVELOPMENT AND DIGITAL TRANSFORMATION UNDER SECTION 1(2) OF THE BANKS AND TRUST COMPANIES (AMENDMENT) ACT, 2024 DECLARING THE DATE ON WHICH THE SAID ACT SHALL COME INTO FORCE [Gazetted 27th December, 2024] WHEREAS it is provided by section 1(2) of the Banks and Trust Companies (Amendment) Act, 2024 (No. 17 of 2024) that the said Act shall come into force on such date as the Minister may, by Notice published in the Gazette, appoint; NOW THEREFORE, in exercise of the powers vested in me, I hereby appoint the 2 nd day of January, 2025 to be the date on which the Banks and Trust Companies (Amendment) Act, 2024 shall come into force. Made by the Minister this 19th day of December, 2024. (Sgd.) Natalio D. Wheatley, Minister of Financial Services, Economic Development and Digital Transformation.