Memorandum of Understanding between the Financial Investigation Agency and the Financial Services Commission (2007-03-19)

Summary

This is a Memorandum of Understanding between the BVI Financial Investigation Agency (FIA) and the BVI Financial Services Commission (FSC), signed 19 March 2007, establishing a framework for the two agencies to exchange information relevant to due diligence, money laundering and terrorist financing investigations. It is an inter-agency cooperation arrangement, not a rule imposing direct obligations on licensees or the public, and expressly states it does not create legally binding obligations or enforceable third-party rights.

• Scope: Covers requests for and provision of information about persons, or persons associated with persons, who are authorized, licensed, registered, recognized or otherwise regulated by the FSC.
• Confidentiality: Information exchanged is to be treated as confidential and used only for the stated purposes, and not disseminated to third parties without prior written consent of the relevant Authority.
• Procedure: Requests are normally made in writing using an attached Request Form; each Authority confirms receipt and indicates whether and how quickly it can respond; urgent oral requests require written confirmation within 5 business days.
• Discretion to refuse: An Authority may decline or limit assistance if a request is unduly burdensome, contrary to public interest, prejudicial to its functions, or if judicial proceedings on the same facts have already begun.
• Costs and contact points: Substantial costs of fulfilling a request may be passed on as a condition of assistance; each Authority designates a specific point of contact through which all communications must occur.
• Commencement and termination: The MOU took effect on execution, may be amended in writing at any time, and is revocable at any time upon written notice of termination.

Deadlines

• 5 business days: Written confirmation required for urgent requests initially made orally between the FIA and FSC.