Counter-Terrorism (Amendment) Act, 2023

Summary

This Act amends the British Virgin Islands' Counter-Terrorism Act, No. 33 of 2021, tightening definitions and offence provisions related to terrorist financing and expanding safe harbours for information sharing between financial group members. It does not create a new regulatory regime but modifies existing offences and a Schedule 4 compliance deadline.

• New definition: Inserts a definition of 'economic resources' into section 2, covering tangible or intangible, legitimate or illegitimate assets that could be used to obtain funds, goods or services.
• Expanded offence (section 8): Broadens the funding offence to cover providing or collecting funds or economic resources, and adds financing the travel of a person to another country for terrorist preparation, planning or training purposes.
• New inchoate offences (section 8(1A)): Creates offences for attempting, promoting, organising, directing, or knowingly/intentionally contributing to the commission of a section 8(1) offence.
• Information-sharing safe harbour (section 60): Adds a defence to the disclosure offence under section 60(4) where information is shared under a financial group's group-wide AML/CFT programme as prescribed under section 53A of the AML/CFT Code of Practice, Revised Edition 2020.
• Schedule 4 changes: Updates the 'economic resources' definition in Schedule 4 to align with the new section 2 definition, and changes the compliance standard in paragraph 12(1) from 'as soon as is reasonably practicable' to 'immediately'.

The Act comes into force on a date to be appointed by the Governor via Proclamation in the Gazette, which had not been specified in the text of this document.

Key obligations

• Persons or entities subject to Schedule 4 paragraph 12(1) of the Counter-Terrorism Act must now act immediately (rather than as soon as reasonably practicable) in fulfilling the relevant Schedule 4 obligation.
• Financial groups relying on the section 60(4A) defence must ensure information disclosures are made strictly in accordance with group-wide AML/CFT information-sharing programmes prescribed under section 53A of the AML/CFT Code of Practice, Revised Edition 2020, to benefit from the safe harbour.

Applies to

financial institutions, financial groups, persons subject to the Counter-Terrorism Act, relevant persons under Schedule 4 of the Counter-Terrorism Act

Deadlines

• on such date as the Governor may by Proclamation appoint: Commencement of the Counter-Terrorism (Amendment) Act, 2023
• immediately: Revised standard under Schedule 4 paragraph 12(1), replacing 'as soon as is reasonably practicable'

Related documents

• This document amends Counter-Terrorism Act, 2021