Tuesday, June 07, 2011

BVI Premier Discusses Dormant Accounts with BVI Bank Association

The government of the British Virgin Islands continues its consultations on the proposed dormant accounts bill, which has already had its first reading in the House of Assembly of the British Virgin Islands on April 19, 2011.

On June 3, 2011, Premier and Minister of Finance Hon. Ralph T.O'Neal, OBE and Financial Secretary Mr. Neil Smith had a meeting and discussion on this matter with the members of the British Virgin Islands (BVI) Bank Association.

The Bill titled “Dormant Accounts Act, 2011” is aimed to provide a framework by which unclaimed assets are ceded to and managed by the Government of the British Virgin Islands. It will also include protocols for the management of accounts and will clearly outline procedures for the claimants.

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