Financial Investigation Agency Act (Revised Edition 2020)

British Virgin Islands Financial Services Commission (FSC) · British Virgin Islands

Summary

This Act establishes the Financial Investigation Agency (FIA), a body corporate separate from the FSC, along with its Board and Steering Committee, to receive, investigate, analyse and disseminate information relating to financial offences (including money laundering and terrorist financing) and to handle mutual legal assistance requests from foreign authorities.

Information gathering: The Agency receives mandatory disclosures under financial services legislation and can compel production of information (excluding legally privileged material) from any person or entity relevant to its functions.
Freezing and restriction powers: On request from a foreign investigation agency or law enforcement, the Agency may order a bank account frozen for up to five days, and may order a person to refrain from completing a transaction for up to 72 hours, extendable once by a further 72 hours.
Confidentiality: Board members, the Director and staff must take an Oath of Confidentiality before assuming office and must not disclose information obtained through their connection with the Agency except as authorised by law.
Legal protections: Persons who in good faith provide information or reports to the Agency are protected from civil, criminal or professional liability for breach of confidentiality; no court order for evidence or documents may be issued against the Agency or its officers.
Governance and reporting: The Director must report to the Board and submit an annual report on the Agency's work; the Chairman forwards this to Cabinet for tabling before the House of Assembly; the Board approves the Agency's annual budget and accounts are subject to audit.

The Act primarily governs the FIA's own powers, staffing, funding and accountability, but it also creates direct obligations on third parties who receive information requests, freeze orders or transaction-restriction orders from the Agency, and on anyone connected with the Agency regarding confidentiality.

Key obligations

Any entity or individual required to provide information to the Agency under section 4(2)(d) must do so within five working days of receiving a written request, or commit an offence punishable by a fine up to twenty thousand dollars or imprisonment up to two years, or both
A person subject to a section 5B restriction order must refrain from completing the specified transaction until the Agency advises otherwise in writing, subject to the 72-hour (extendable to 144-hour) time limits
Board members, the Director and staff of the Agency must subscribe to the Oath of Confidentiality in Schedule 2 before assuming office, and the Director must keep a record of oaths taken
Any person who obtains information through connection with the Agency must not disclose it except as required or permitted under the Act or other enactment, on pain of a fine up to ten thousand dollars or imprisonment up to one year, or both
The Director must prepare and submit an annual report on the Agency's work to the Board on or before 30 June each year, which the Chairman must forward to Cabinet for tabling before the House of Assembly

Applies to

financial and business entities, financial institutions, persons required to provide information to the Agency, foreign financial investigation agencies, law enforcement authorities, Board members, Director and staff of the Financial Investigation Agency

Deadlines

within five working days of receiving a written request: Deadline for any entity or individual to provide information requested by the Agency under section 4(2)(d)
on or before the 30th day of June in each year: Deadline for the Director to submit the Agency's annual report to the Board
not exceeding five days: Maximum duration of a bank account freeze order issued by the Agency
not exceeding seventy-two hours, extendable by a further seventy-two hours: Maximum duration (and extension) of a transaction restriction order under section 5B

Financial Investigation Agency Act (Revised Edition 2020)

Summary

Key obligations

Applies to

Deadlines

Related documents

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Version history

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