Financial Investigation Agency (Amendment) Act, 2023

Summary

This Act amends the Financial Investigation Agency Act (Revised Edition 2020) in the British Virgin Islands. It broadens the definition of 'foreign financial investigation agency' and adjusts the Agency's powers to exchange information with foreign counterparts, adding new mutual feedback obligations.

• Definition change: The definition of 'foreign financial investigation agency' in section 2 is expanded to include foreign authorities exercising functions similar to the Agency's in relation to designated non-financial businesses or professions (DNFBPs) or non-profit organisations.
• Basis for information exchange: Section 5A is amended to clarify the Agency may exercise its information-sharing powers either upon a written request or on its own volition.
• New feedback obligation: Where the Agency has requested and received information from a foreign financial investigation agency, it must, if asked in writing, provide timely feedback to that foreign agency on the use and usefulness of the information disclosed.
• Reciprocal feedback request power: Where the Agency discloses information to a foreign financial investigation agency upon that agency's request, the Agency may in turn request timely feedback from the foreign agency on the use and usefulness of the information it provided.

The amendments take effect on a date to be fixed by the Governor by Proclamation in the Gazette, which had not yet been specified in this text.

Key obligations

• The Agency must, if requested in writing by a foreign financial investigation agency that provided information to it, provide timely feedback on the use and usefulness of that information, including outcomes of any related analysis.

Applies to

Financial Investigation Agency, foreign financial investigation agencies

Deadlines

• date to be appointed by the Governor by Proclamation published in the Gazette: Commencement date of the Act, not yet fixed in the text.

Related documents

• This document amends Financial Investigation Agency Act (Revised Edition 2020)