BVI Anti-Money Laundering Rules

 

Recognized Jurisdictions are subject to less CDD Measures

 

On the 26 January 2017, the Financial Services Committee made amendment to the AMLTFCP by publication in the gazette of the Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice 2017 (Amendment)  The Amendment came into force on 15 February 2017 and has amended Schedule 2 of the AMPTFCP to include four (4) new jurisdictions (New Recognised Jurisdictions).

The Recognised Jurisdictions including the new jurisdictions are given in the list below: 

• Andorra, Argentina, Aruba, Australia, Bahamas, Barbados, Bermuda, Belgium, Brazil, Bulgaria, Canada, Cayman Islands, Chile, China, Curacao, Cyprus, Denmark. Dubai, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hong Kong, Hungary, Iceland, Ireland, Isle of Man, Italy, Japan, Jersey, Latvia, Liechtenstein, Luxembourg, Malta, Mauritius, Mexico, Monaco, Netherlands, New Zealand, Norway, Panama, Portugal, Russia, Singapore, Slovenia, Spain, South Africa, St Lucia, Sweden, Switzerland, United Kingdom, United States of America and Uruguay 

Note: In schedule 2 of the Anti-Money Laundering and Terrorist Financing Code of Practice 2008 (AMLTFCP), the British Virgin Islands have recognised a list of jurisdictions (commonly called the "recognised jurisdictions") that adopt laws and regulations similar to that of the BVI. The main advantage of placing reliance on Schedule 2 of the AMLTFCP is that business emanating from the recognised jurisdictions would generally attract the application of reduced client due diligence (CDD) measures.