British Virgin Islands-Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II-Detailed Assessment of Observance of Standards and Codes

International Monetary Fund

No 2004/093, IMF Staff Country Reports from International Monetary Fund

Abstract: This report provides an assessment of the British Virgin Islands’s (BVI) compliance with the Basel Core Principle for effective banking supervision. The BVI has the preconditions for effective banking supervision. It has specific legislation governing international cooperation and mutual legal assistance. The BVI has designed its antimoney laundering (AML)/combating the financing of terrorism supervisory legislation to apply broadly to banks and trust companies, insurance business, and parallel areas. The financial services commission is responsible for both prudential supervision and ensuring compliance with AML measures.

Keywords: ISCR; CR; mutual fund; business organization; managing director; legal power; business plan; beneficial owner; compliance officer; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Insurance companies; Global; Caribbean (search for similar items in EconPapers)
Pages: 129
Date: 2004-04-05
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