Beautiful Virgin Islands

Monday, Aug 04, 2025

Financial services sector to get boost from several new legislations

Financial services sector to get boost from several new legislations

The government has proposed several regulations in the upcoming year to improve one of the territory’s main economic pillars—the financial services sector.

In yesterday’s Speech from the Throne address, Governor John Rankin announced that the government has proposed amendments to the Financial Services Commission Act to deal with exceptional circumstances that affect the sector.

It is designed to ensure a faster process for decision-making, to properly align the provisions of the Act with those of the Financial Services (Exceptional Circumstances) Act, 2020, and to address how banks and insurance companies function during catastrophic natural disasters such as earthquakes, hurricanes, and pandemics, inclusive of their procedures and applied costs.

“The proposed reforms will also provide necessary synergy with the provisions of the Virgin Islands Deposit Insurance Corporation Act to address issues concerning banks and other key financial institutions that may fall into financial distress, in order to better protect consumers,” Rankin added.

Regulatory fees in the sector


Another proposed legislation for this year is the Financial Services (Fees) Regulations, which will provide a comprehensive review of all the regulatory fees. The intention of this review is to enhance current fees and, where necessary, implement new ones.

The governor said another legislation that will be tabled is the Banks and Trust Companies (Amendment) Act, 2022. This Act will address issues relating to banks and other key financial institutions that may experience financial distress in hopes of better protection for consumers.

Governor Rankin said there will be reform to the BVI Business Companies Act and will mainly address issues surrounding struck-off companies, abolition of bearer shares, and record-keeping measures.

“The reforms will also include amendments to require persons wishing to act as voluntary liquidators of BVI business companies to be either licensed insolvency practitioners or persons resident in the Virgin Islands and holding specific qualifications and skills,” the Governor added.

Legislation to reduce conflict, financial crimes


Another piece of legislation on the government’s agenda is the Insolvency (Amendment) Act, 2022. According to Rankin, this will reduce the conflict between the role of the Office of the Official Receiver and the role of the Commission as the regulator of the financial services sector by withdrawing the responsibilities of the Official Receiver from the Finance Ministry.

Meanwhile, to better enhance the Virgin Islands’ international obligations to prevent the misuse of virtual assets for money laundering, terrorist financing, or proliferation financing purposes., the government will seek to enact the Virtual Assets Service Providers Act, 2022.

In addition, appropriate legislative reforms will continue to be carried out to the Anti-money Laundering Regulations, 2008 and the Anti-money Laundering and Terrorist Financing Code of Practice, 2008.

“This ensures that the Virgin Islands fully meets its technical obligations under the FATF [Financial Action Task Force] Recommendations in preparation for the CFATF [Caribbean Financial Action Task Force] mutual evaluation which is expected to commence later this year,” Rankin said.

The Financial Services Appeal Board Act will also be amended to address issues highlighted by the pandemic, thus enabling the efficient and smooth running of the appeal process for the benefit of both the Financial Services Commission and the appellants.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×