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ARTICLE · 30 JULY 2014

The Financing And Money Services Act, 2009

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To maintain the BVI as a leading offshore financial centre, the jurisdiction has introduced several new pieces of legislation over recent years.

British Virgin IslandsFinance and Banking
Matthew Gilbert
Matthew Gilbert
Joanna Dinning
Joanna Dinning
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As part of its commitment to maintaining the British Virgin Islands (the "BVI") as a leading offshore financial centre, while providing a modern and flexible legislative framework, the jurisdiction has introduced several new pieces of legislation over recent years.  One such example is the Financing and Money Services Act, 2009 ("FMSA"), which came into force on 21 March 2010, to provide a legislative framework for the licensing, registration and supervision of persons carrying on financing and money services business.

What types of business activity are regulated under FMSA?

1)     Financing Business

The definition of 'financing business' covers:

(a)      leasing property under a financing lease or providing credit under financing agreements to borrowers resident in the BVI; and

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