Relevant Legislation for NPOs
Proceeds of Criminal Conduct Act, 1997 as amended (“POCCA”)
POCCA is the primary anti-money laundering legislation from which many of the other specific AML/CFT legislation derives. The POCCA defines money laundering within BVI legislation and criminalises tipping off, which is where a person knows or suspects that an investigation is or is about to be conducted into money laundering activities and discloses information to any other person which is likely to prejudice the investigation. The POCCA also makes it a crime not to report a suspicion of money laundering.
Financial Investigation Agency Act, 2003 (“FIA Act”)
The FIA Act is the BVI legislation that established the Agency as an autonomous Agency and outlines its powers and authority.
Non-Profit Organisations Act, 2012 (“NPO Act”)
The NPO Act is a piece of legislation that provides for the registration, supervision and monitoring of NPOs and other matters related thereto. It explains that all NPOs operating within the Territory must be registered. It also outlines the Agency as responsible for the supervision and monitoring of NPOs.
Anti-Money Laundering and Terrorist Financing Code of Practice, 2008 as amended (“the AML Code”)
The AML Code is the BVI anti-money laundering and terrorist financing legislation that spells out in detail what an NPO, its management and staff are required to do to combat money laundering and terrorist financing. It sets out the policies, processes and procedures required by NPOs. As a starting point all NPOs should review Section 4A and Schedule 1 of the AML Code.