New Amendment In BVI Supercharges Financial Investigation Agency's Powers

Readers beware - the Financial Investigation Agency's (FIA) functions and powers have been extensively expanded.

FIA can now:

• order a freeze over bank accounts of its own volition and for a longer period of time;
• conduct what is commonly referred to as a dawn raid on premises (which includes vessels, aircraft and vehicles) to procure information which it believes is under threat;
• compel persons to give evidence under oath; and
• enforce new penalties for non-compliance, which includes fines and imprisonment.

These drastic changes to the Financial Investigation Agency Act 2003 (the 2003 Act), which came into effect on 13 August 2021, were quietly ushered in by the Financial Investigation Agency (Amendment) Act 2021 (the Amended Act) over the summer break.