Industry Circular No. 17 of 2020 - Legislation Update: Notice of Extension under the Financial Services (Exceptional Circumstance) Act, 2020 and Financing and Money Services (Amendment) Act, 2020 Notice

Legislation Update: Notice of Extension under the Financial Services (Exceptional Circumstance) Act, 2020 and 
Financing and Money Services (Amendment) Act, 2020 Notice

Financial Services (Exceptional Circumstances) Order, 2020

Tortola, British Virgin Islands – 01 May 2020.  The BVI Financial Services Commission has extended the period of operation of the Financial Services (Exceptional Circumstances) Act, 2020 (‘the Act’) under section 18(2); for a further three (3) months. The notice of the extension was published in the Virgin Islands Gazette on 30 April 2020.
 

Specific provisions of the Act were brought into force on 30 March 2020 by the Financial Services (Exceptional Circumstances) Order, 2020. These provisions will remain in effect until 31 July 2020.   

View the full text of the Financial Services (Exceptional Circumstances) Act, 2020 on our website.

Financing and Money Services (Amendment) Act, 2020  

The Financing and Money Services (Amendment) Act, 2020 (‘the Act’), will come into force on 4 May 2020.  The Act introduces a 7% transaction levy on funds being transmitted outside of the Territory of the Virgin Islands through Class A Licensees under the Financing and Money Services Act, 2009.

View the full text of the Financing and Money Services (Amendment) Act, 2020 on our website.