New British Virgin Islands AMLTF Code Regarded As Practical And Effective

The British Virgin Islands Financial Services Commission (the "FSC") has made significant changes to the BVI's Anti Money Laundering and Terrorist Financing Code of Practice (the "Code") impacting upon all BVI entities and professionals and further modifying the Code's effects on BVI mutual funds and fund managers and administrators.

Among the key changes are:

• the production of a list of countries and territories* which the FSC acknowledges as "recognised jurisdictions" which are equivalent to the BVI for anti money laundering ("AML") purposes;
• acceptance that a BVI entity including a mutual fund, although retaining ultimate responsibility, may now outsource many of its AML Compliance functions to other persons or entities both inside and outside the BVI;