It is no secret that BVI‘s regulatory landscape is changing rapidly.
The Financial Action Task Force (FATF) has brought international pressure to tighten-up AML and CTF enforcement practices by placing the BVI on their grey-list.
Since then, new requirements for filing of Ultimate Beneficial Ownership (UBO) information have come into effect, as have new obligations to provide certain prescribed financial information in the form of an Annual Return. Not to mention the new digital AMLive Suspicious Activity Report (SAR) regime, the Legitimate Interest framework or the introduction of Virtual Asset Service Provider (VASP) licensing.
Baker & Partners’ Global Managing Partner Stephen Baker sat down with Eltin Ryle (Counsel, BVI) to discuss these significant developments.
Eltin, who joined our BVI office earlier this year, has significant experience in regulatory matters, both on the defence and enforcement sides. Previously, he advised on the first-of-its-kind regulatory investigation against a multinational accountancy firm for breach of the EU Statutory Audit Regulations.
Check out their discussion below: