Regulatory AlertsNon-Financial Business (Designation) Notice 2020
The Virgin Islands regulator designates persons engaged in buying and selling boats, vehicles, jewellery, or other high-valued goods as entities vulnerable to money laundering and terrorist financing. This designation applies specifically when transactions involve accepting cash payments of $15,000 or more or the equivalent in any other currency. Designated entities are required to comply with the requirements of the Anti-money Laundering and Terrorist Financing Code of Practice.
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