BVI overhauls AML rules
The BVI introduced its anti-money laundering (AML) legislation in 1999, one of the first offshore jurisdictions to do so. The AML law is complemented by specific rules on know-your-customer (KYC) due diligence. This is an area the BVI takes seriously.
The AML rules have been reinforced through the issuance of codes of conduct. In 2008 the Financial Services Commission (FSC) issued the Anti-Money Laundering and Terrorist Financing Code of Practice and the Non-Financial Business (Designation) Notice.
In February 2009 the FSC made significant changes to this code of practice. The amendments included provisions that allow BVI funds to outsource AML compliance, including the money reporting officer function, to administrators or other functionaries
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