Cabinet Pressurizing BVI to Improve its Financial Laws
Many international financial regulatory bodies have pointed fingers at BVI’s financial service industry and blamed it for facilitating money laundering. The cabinet is among these bodies and is taking necessary steps to evade tax crimes and money laundering.
The EU and the UK have also pressurized the BVI to improve its financial laws and have asked them to make a more transparent system to stop the people from hiding their money.
At the Cabinet meeting, officials considered the Criminal Justice Act 2021. This act will aid the corporation in BVI with other countries in criminal investigations. The Cabinet has announced that the Bill will be formally introduced in the House of Assembly at the next sitting.
Cabinet has also considered the Proliferation Financing Act 2021. This will give the Financial Investigation Agency authority to take measures against organizations or people involved in terrorism or money laundering. The Proliferation Financing Act of 2021 might replace the 2009 Proliferation Financing Act.
The Cabinet was also approved by The Criminal Code Act 2021. According to this bill, tax crimes will now be considered as a predicate for money laundering.
Cabinet also reviewed the Counter-terrorism Act of 2021 which is related to terrorism-related matters in the jurisdiction.
Cabinet says, “this law is also a means of strengthening the current counter-terrorism legislative regime in a manner that satisfies the requirements of the Financial Action Task Force standards for combating terrorist financing. This Bill will also be introduced for its first reading at the next convenient sitting of the House of Assembly.”
The Tax Justice Network has disclosed that BVI’s ranking regarding financial services has worsened. The Index shows that 133 countries were listed among which BVI was listed on 9th number making the country one of the top tax havens.
