British Virgin Islands-Overseas Territory of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision

April 5, 2004

Summary

The British Virgin Islands (BVI) has most of the essential elements for a suitable framework for financial supervision. There is a weakness with respect to onsite supervision of banking, insurance, and securities sectors; and there is currently no regular and comprehensive examination and compliance program in operation. Although the legal and supervisory frameworks are adequately structured, the implementation of the full range of supervisory measures has not yet been fully achieved. However, the government is implementing a comprehensive examination methodology and plan.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Financial services, Insurance, Insurance companies, Mutual funds

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), banking system, BVI authorities, BVI authority, Caribbean, company management, CR, FSC authority, Global, Insurance, Insurance companies, ISCR, liability insurance, mutual fund, Mutual funds, terms and conditions

Pages:
55
Volume:
2004
DOI:
https://doi.org/10.5089/9781451840100.002
Issue:
092
Series:
Country Report No. 2004/092
Stock No:
1VGBEA0012004
ISBN:
9781451840100
ISSN:
1934-7685

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