Memorandum of Understanding between Authorities of the Inter-Governmental Committee on AML/CFT

Summary

This is a non-binding Memorandum of Understanding (MOU) between fourteen Virgin Islands government authorities and agencies, establishing a framework for exchanging information to combat money laundering, terrorist financing, proliferation financing, corruption, other serious organised crime, and tax-related matters. It sets out how the signatory Authorities will share information with each other, but Article 10 expressly states the MOU does not have binding legal effect.

• Parties: Attorney General's Chambers, BVI Airports Authority, BVI Ports Authority, Department of Immigration, Department of Trade and Consumer Affairs, Financial Investigation Agency, Financial Services Commission, Her Majesty's Customs, International Tax Authority, Non-Profit Organisation Registration Board, Office of the Director of Public Prosecutions, Post Office, Royal Virgin Islands Police Force, and the Virgin Islands Shipping Registry.
• Information exchange: Authorities will share information spontaneously, on written request, or through agreed informal channels, provided informal exchanges are recorded with date, subject matter and counterparty.
• Request handling: A requesting Authority must justify formal requests with underlying facts and required details; a requested Authority must acknowledge receipt promptly, indicate available resources and give a processing timeframe.
• Urgent requests: Urgent oral requests may be made under the informal-exchange provision but must be substantiated in writing within five business days if the requested Authority requires it.
• Confidentiality: Information obtained under the MOU must be treated confidentially and not used or released for purposes other than those for which it was requested or provided, absent prior written consent.
• Governance: Amendments require at least one month's written notice and agreement of two-thirds of the Authorities; termination requires two-thirds written agreement and takes effect two months after the termination notice.

The MOU took effect once signed by all Authorities (signatures dated April 2014, Road Town, Tortola) and creates ongoing cooperative expectations rather than a fixed compliance regime for private-sector regulated entities; it applies only to the listed government Authorities and agencies, not to licensees or the general public.

Key obligations

• Authorities must exchange information spontaneously when they become aware of matters relevant to another Authority's area of responsibility
• Any formal request for information must include a brief statement of underlying facts and, as far as possible, the elements listed in Article 5.1
• A requested Authority must promptly confirm receipt of a request in writing, indicate resource availability, and provide a reasonable timeframe for processing
• Urgent oral requests made under the informal exchange process must be substantiated in writing within five business days if the requested Authority requires it
• Informal exchanges of information must be recorded, indicating the date, nature/subject matter of the exchange, and the party with whom information was exchanged
• Information obtained under the MOU must be kept confidential and not used or released for purposes other than those for which it was requested or provided, without prior written consent of the providing Authority
• Any Authority proposing an amendment must give at least one month's written notice specifying the proposed change and effective date
• Termination of the MOU requires agreement in writing by two-thirds of the Authorities and becomes effective two months after the date of the termination notice

Applies to

Attorney General's Chambers, BVI Airports Authority, BVI Ports Authority, Department of Immigration, Department of Trade and Consumer Affairs, Financial Investigation Agency, Financial Services Commission, Her Majesty's Customs, International Tax Authority, Non-Profit Organisation Registration Board, Office of the Director of Public Prosecutions, Post Office, Royal Virgin Islands Police Force, Virgin Islands Shipping Registry

Deadlines

• five business days: Timeframe within which an urgent oral request made under the informal exchange provision must be substantiated in writing, if the requested Authority so requires
• at least one month's notice: Notice period required before any Authority can propose a written amendment to the MOU
• two months after the date of termination in writing: Period after which termination of the MOU becomes effective once two-thirds of Authorities agree in writing