On 31 January 2024, a Memorandum of Understanding (MoU) between the BVI Financial Services Commission (FSC) and the BVI Financial Investigation Agency (FIA) was issued regarding collaboration in exchanging information relating to due diligence, money laundering, terrorist financing, proliferation financing, and in aiding the overall maintenance of the BVI's reputation as a financial hub.
BVI FSC is the BVI's financial services regulator. The BVI FIA is the financial intelligence unit of the BVI and also supervises Designated Non-Financial Businesses and Professions as well as Non-Profit Organisations.
The MoU between the FSC and FIA outlines formal procedures for cooperation and information exchange and facilitates the exchange of confidential information and assistance for inquiries or compliance inspections. It also enables mutual assistance in identifying financial system risks and addressing emergency situations involving supervised or regulated entities.
The scope of the MoU encompasses various aspects, including requesting and providing information related to individuals or entities associated with the BVI, continuous sharing of relevant data, and any other agreed-upon information exchange that supports the fulfilment of both authorities' mandates.
The Memorandum of Understanding between the FSC and FIA can be found here.
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