Deadline to submit applications for a Money Services or Financing Licence fast approaching

Tortola, British Virgin Islands - 24 September, 2010 - The British Virgin Islands Financial Services Commission (the "FSC") is reminding all existing money services and financing businesses operating in the Teritory that the transitional period for submission of an application for a Money Services and/or Financing Licence ends on Thursday, 30 September, 2010. The Financing and Money Services Act (the "Act"), was passed in the House of Assembly on 26 May, 2009 and came into effect on 30 March, 2010.

The Act seeks to regulate and supervise the activities of person who provide money or value transfer services or money or currency changing services.

A copy of the Act, and the requisite application form, can be found on the FSC's website: www.bvifsc.vg.

It is important to note that it is an offence for persons to conduct either Money Services or Financing business without a Licence from 1 October, 2010 and if found guilty of the offence, a fine of $60,000 for a corporate entity or $40,000 for an individual can be imposed, imprisonment for three years or both.

Persons may contact the Banking and Fiduciary Services Division at the FSC at 494-4190 for additional information and assistance.

Note to Editors:

1. Section 7 of the Financing and Money Services Act which speaks to the prohibition of unauthorised money services and financing business provides that:

7. (1) A person shall not carry on, or hold himself or herself out as carrying on, financing business unless the person is a BVI business company or foreign company licensed under section 9.

(2) A person shall not carry on, or hold himself or herself out as carrying on, money services business in or from within the Virgin Islands, unless the person is a BVI business company or foreign company licensed under section 9.

(3) For the purpose of subsection (2), a BVI business company that carries on, or holds itself out as carrying on, money services business outside the Virgin Islands is deemed to carry on, or hold itself out as carrying on, money services business from within the Virgin Islands.

(4) Subsections (1) and (2) do not apply to any person exempted from the relevant subsection by virtue of Regulations made under section 40C of the Finance l Services commission Act, 2001."

(5) A person who contravenes subsection (1) or (2) commits an offence.

About the British Virgin Islands Financial Services Commission

The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory. The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

For further information, please contact:

Corporate Communications
BVI Financial Services Commission Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016
Email: [email protected]