Non-Financial Business (Designation) Notice 2020

LAW OF VIRGIN ISLANDS Non-Financial Business (Designation) Notice 149 Revision Date: 1 Jan 2020 [Statutory Instrument] NON-FINANCIAL BUSINESS (DESIGNATION) NOTICE – SECTION 27(2)(C) (S.I. 14/2008) Commencement [20 February 2008] Short title

1. This Notice may be cited as the Non-financial Business (Designation) Notice. Designation
2. (1) For the purposes of the application of the Anti-money Laundering and Terrorist Financing Code of Practice, a person who is engaged in the business of buying and selling— (a) boats; (b) vehicles; (c) jewellery; or (d) other high valued goods, when such transaction involves accepting a cash payment of $15,000 or more or the equivalent in any other currency, is designated as an entity that is vulnerable to activities of money laundering and terrorist financing. (2) An entity that is designated under subparagraph (1) shall comply with the requirements of the Anti-money Laundering and Terrorist Financing Code of Practice. (3) For the purposes of subsection (1)— (a) “boats” includes every description of vessel that is used in navigation; (b) “vehicles” includes motor vehicles, motor cycles, trucks and all other conveyances for the transportation of persons or goods, including heavy duty vehicles intended or adapted for use otherwise than for the transportation of persons or goods, and “motor vehicle” and “motor cycle” shall bear the definitions provided in section 2 of the Road Traffic Act; (c) “jewellery” includes jewellery in its finished and unfinished form; and (d) “other high valued goods” means furniture, machinery and art (relating to paintings and sculptures that are of intrinsic value). __________