The Financial Investigation Agency of the British Virgin Islands has announced the recent signing of a Memorandum of Understanding with the Jersey Financial Services Commission on October 25th. The Authorities entered the agreement to provide a formal basis for consultation, cooperation and exchange of information to achieve effective regulatory and supervisory functions under the relevant laws, regulations and rules of their respective jurisdictions.
This significant agreement underscores the commitment of both jurisdictions to combatting financial crimes and enhancing the integrity of their financial systems. By facilitating the exchange of critical information and intelligence, the FIA BVI and JFSC aim to improve the detection, prevention, and investigation of money laundering, terrorist financing and proliferation financing.
Director of the FIA BVI, Errol George stated, ” The signing of this MoU establishes a framework to facilitate the exchange of information between FIA BVI and JFSC to enforce compliance with the laws, regulations and rules relating to the functions and duties of the Authorities in ourrespective jurisdictions and I am indeed pleased about the progress that we continue to make in the Territory to combat financial crimes.
The Authorities, by request, will share relevant information including corporate structure, administration, quality of organisation and systems, quality of management and any other information that may be relevant to the adequate supervision of the Designated Financial Businesses and Professions (“DNFBP”) sector.
The Authorities, by request, will share relevant information including corporate structure, administration, quality of organisation and systems, quality of management and any other information that may be relevant to the adequate supervision of the Designated Financial Businesses and Professions (“DNFBP”) sector.