It is increasingly rare for a dialogue within the financial services industry to take place without reference to one of these words (or similar, related concepts).
Acknowledging this sudden and continued growth in the use of innovative digital products across the globe, the British Virgin Islands (the “BVI”) introduced amendments to the Anti Money Laundering and Terrorist Financing Code of Practice 2008 (the
“AML Code”) on 1 August 2018, which help to support the use of digital services for AML purposes in this new digital era. These amendments were, to a certain extent, to be expected, based on the jurisdiction’s historic ability to provide innovative regulatory frameworks within which new financial services products can thrive, whilst adhering to its responsibility in the fight against money laundering, terrorist financing and proliferation financing.
