Financing and Money Services (Amendment) Act, 2021

Summary

This short amendment Act changes the Financing and Money Services Act, 2009 by inserting a new subsection into section 45A, which governs the transaction levy collected from licensees under that Act. It does not alter definitions, licensing categories or general obligations; its sole substantive effect is a change to how the BVI Financial Services Commission handles levy proceeds before forwarding them to the miscellaneous purposes fund.

• New retention rule: Before paying over the quarterly transaction levy to the miscellaneous purposes fund, the Commission must retain ten thousand dollars from the amounts collected.
• Retroactive effect: The amendment is deemed to have come into force on 4 May 2020, even though it was enacted and gazetted in 2021.

The change is primarily administrative and affects how the Commission manages levy funds rather than imposing new direct duties on financing or money services licensees, though it relates to the transaction levy those licensees pay.

Key obligations

• The Commission must retain ten thousand dollars from the transaction levy amounts collected at quarterly intervals before paying the balance over to the miscellaneous purposes fund.

Applies to

money services businesses, financing businesses

Deadlines

• 4th day of May, 2020: Date on which the amendment is deemed to have come into force (retroactive commencement).
• quarterly intervals: Frequency at which the transaction levy is collected and, per the new subsection, from which the Commission must retain ten thousand dollars before remitting the balance.

Related documents

• This document amends Financing and Money Services Act (Revised 2020)