Friday, March 03, 2006

The main purposes of BVI FSC

We have already been talking about FSC and its tasks. Today I'd like to explore on BVI FSC tasks particularly in the sphere of combating.

In short and nice words, the regulation and supervision of its service providers protecting consumers and safeguarding the interests of the Territory as a whole is the cardinal responsibility of the FSC. The commission is to ensure industry compliance with the highest international regulatory standards and best business practices.

If not trying to avoid less nice words and call the things as they are, it could be said that the tasks of the Commission are as follows:

  • Combating money laundering.

It has the necessary legislative, regulatory and administrative structures that include all crimes anti-money laundering code of conduct for service providers. In its turn, the legislation establishes a financial intelligence unit for the receipt and processing suspicious reports.

  • Combating the financing of global terrorism.

All UN resolutions aimed at countering the financing of terrorism adopted by the UK have been given the same full legislative effect in the BVI as an Overseas Territory of the UK.

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