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Notice of Regulated Persons

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NOTICE OF REGULATED PERSONS

 

The Financial Investigation Agency advises that if you engage in the following business activities which are outlined in Regulation 2(1) of the Anti-Money Laundering Regulations, 2008, as amended, (“AML Regs.”)  and you fit the description of an entity defined in Section 2(1) of the Anti-Money Laundering and Terrorist Financing Code of Practice, 2008, as amended, (“AML Code”), you are required to comply with the Anti-Money Laundering/Combating the Financing of Terrorism (“AML/CFT”) laws of the Virgin Islands.

 

No

Relevant Person/ Relevant Business

Interpretation

BVI Laws

1

Legal Practitioners, Notaries Public or Accountants

Such person(s) are accountable when:

  • buying and selling of real estate;
  • managing  of  client  money, securities or other assets;
  • management of bank, savings or securities accounts;
  • organization of contributions for the creation, operation or management of companies; and
  • creation, operation or management of legal persons or arrangements, or buying and selling of business entities.

Reg. 2(1)(i) of the AML Regs.

2

Real Estate Agents

The business of acting as a real estate agent when engaged in a transaction for a client concerning the buying and selling of real estate.

Reg 2(1)(j) of the AML Regs

3

Dealers in precious metals and stones/Jewellers

The business of dealing in precious metals or precious stones  in its finished and unfinished form (accepting cash of $15K or more or its equivalent in other currency).

Reg. 2(1)(k) of the AML Regs.

Sections 2(1)(c) and 2(3)(c) of the Non-Financial Business (Designation) Notice, 2008 (“DNFB Notice”

4

Yacht Brokers

The business of buying and selling of boats which includes every description of vessel that is used in navigation.

Sections 2(1)(a) and 2(3)(a) of the DNFB Notice

5

Automobile Dealers

The business of buying and selling of motor vehicles, motor cycles, trucks and all other conveyances for the transportation of persons or goods, including heavy  duty  vehicles intended or adapted for use otherwise than for the transportation of persons and good.

Section 2  of the  Road Traffic

Act, Cap .218

Sections 2(1)(b) and 2(3)(b) of the DNFB Notice

6

Furniture Dealers

The business of buying and selling of movable articles that are used to make a room or building suitable for living or working in, such as tables, chairs or desks

Sections 2(1)(d) and 2(3)(d) of the DNFB Notice

7

Dealers in Heavy Machinery

The business of buying and selling heavy equipment machines such as backhoes, bulldozers, excavators, cranes, etc.

Sections 2(1)(d) and 2(3)(d) of the DNFB Notice

8

Art Dealers

The business of buying and selling art relating  to  paintings  and  sculptures that are of intrinsic value.

Sections 2(1)(d) and 2(3)(d) of the DNFB Notice

9

Non-Profit Organisations

A body of persons whether incorporated or unincorporated, established solely or primarily for the promotion of charitable, religious, cultural,  educational,  social  or fraternal purposes, or other activities or programmes for the benefit of the public, or a section of the public and which raises or disburses funds in pursuance of its objectives primarily within the Territory.

Section   2   of   the   Non-Profit

Organisations Act, 2012

 

Dated this 3rd day of August, 2018

Mr. Alcedo Fahie
Interim Acting Director, Financial Investigation Agency

CLICK TO VIEW THE ORIGINAL NOTICE

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