Resolution No. 1 of 2014

Summary

This is a resolution of the BVI House of Assembly formally approving a direction previously issued by the Financial Investigation Agency (FIA) under the Proliferation Financing (Prohibition) Act, 2009. The underlying direction is the Direction Given By The Financial Investigation Agency Under Section 3 of the Proliferation Financing (Prohibition) Act, 2009, Statutory Instrument 2011 No. 74, which the FIA made because it reasonably believed a country posed a significant risk of terrorist financing, money laundering or proliferation financing activities affecting the Virgin Islands or the United Kingdom.

Under the Act, such a direction must be laid before the House and lapses if not approved within 28 days of laying. This Resolution records that the House approved the 2011 direction, so it continues to have legal effect. The document itself is a legislative approval record rather than a source of new compliance obligations for regulated entities; any substantive AML/CFT/proliferation-financing requirements arise from the underlying Statutory Instrument 2011 No. 74, not from this Resolution's text.