Regulatory Alerts2024-12-05
Financial Investigation Agency (Amendment) Act, 2024
The Legislature of the Virgin Islands enacted this Act to amend the Financial Investigation Agency Act, empowering the Agency to disclose information to foreign financial investigation agencies and supervise non-profit organizations at risk of terrorist financing. The legislation enhances enforcement powers by prohibiting the operation of designated non-financial businesses and professions without registration and allowing the Agency to inspect premises, assets, and documents. It further mandates prior approval for changes in directors or significant interests of regulated entities and establishes procedures for public statements and suspension of licenses to combat money laundering and proliferation financing.
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