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
The week on Risk.net, May 12-18, 2018Receive this by email