Background
The Non-Profit Organisations Act (the "proposed Act")
is a new piece of legislation that is being considered in the
British Virgin Islands (BVI) which will seek to bring Non-Profit
Organisations ("NPOs") and Non-Financial Gain
Organisations ("NGOs") which operate in the
BVI in line with international standards by keeping
terrorist financing away from such groups operating in the BVI.
The rationale behind the introduction of the proposed Act is
based on the fact that the Financial Action Task Force (FATF)
Special Recommendation VIII (SRVIII) compels the BVI to review the
adequacy of its laws relating to NPOs and NGOs as these
organisations could be used for terrorist financing purposes. When
the BVI's Anti-Money Laundering – Combating the
Financing of Terrorism regime was assessed by the Caribbean
Financial Action Task Force, the territory's current NPO and
NGO regime was found to be only partially compliant. The proposed
Act seeks to put in place
