IMF Staff Country Reports

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

Publication Date:

April 5, 2004

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

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.

Series:

Country Report No. 2004/093

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Financial services Insurance Insurance companies Mutual funds