British Virgin Islands Business News

The analysis of the latest events in BVI and worldwide, affecting BVI business environment; facts and statistics on BVI International Business Companies involved in global business activities.

Tuesday, July 24, 2018

BVI FSC Publishes AML Code and MBC Act Amendments


The British Virgin Islands Financial Services Commission issued two new additions to the regulatory and registration regime in the jurisdiction: An amendment to the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 (the “AML Code”) and the Micro Business Companies Act, 2017 (the “MBC Act”).

The first one focuses on supporting the use of digital services for customer identification and verification, which provides for global financial technology solutions. The amendment to the AML Code takes effect on 1 August 2018

For the Micro Business Companies Act, 2017, there is a new technology that focuses on easy and quick registration of MBCs. BVI FSC expanded its registration system VIRRGIN to provide a new MBC portal. It will be available to registered agents who can develop mobile applications and more efficiently manage and administer MBCs. The MBC Act has come into effect on 5 June 2018, and the registration regime is currently implemented.

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Wednesday, July 11, 2018

Elise Donovan to Become Interim Director of BVI London Office


The Director of the BVI House Asia Elise Donovan has been appointed by the Government as Interim Director of the BVI London Office. She will change in this post Benito Wheatley, and will be transitioning there from August 20 to December 31. After this period, she will return to the BVI to the post of Chief Executive Officer of BVI Finance, which will be left by Lorna Smith.

The duties of the Director of BVI London Office include advising the Premier on matters for implementation and making recommendations to ministries, international agencies, the private sector and other agencies. She will be also responsible for “strengthening BVI’s voice with Her Majesty’s Government and the Foreign and Commonwealth Office”; monitoring political, legislative and diplomatic developments in the UK and EU, and providing timely analysis of those affecting or potentially impacting the BVI. 

Meanwhile, the BVI Government has already started to search for new and permanent directors of the BVI House Asia and the BVI London Office.

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