Resolution No. 2 of 2010

Summary

This is a resolution of the Virgin Islands House of Assembly approving a direction issued by the Financial Investigation Agency under section 3 of the Proliferation Financing (Prohibition) Act, 2009. The underlying direction (S.I. 2010 No. 2) was made because the Agency reasonably believed a particular country posed a significant risk of terrorist financing or money laundering activity affecting the Virgin Islands or the United Kingdom.

• What it does: Formally approves the Agency's direction so that it continues to have legal effect.
• Statutory backdrop: Under section 11 of the Act, a direction laid before the House ceases to have effect if not approved within twenty eight days of being laid.
• Content not specified: The resolution itself does not name the country subject to the direction or detail the specific restrictions imposed by it.

The document is a legislative approval mechanism rather than a standalone compliance rule; any obligations on financial institutions would arise from the underlying Direction (S.I. 2010 No. 2) itself, which is not reproduced here.

Deadlines

• twenty-eight days from the date of laying: Statutory deadline under section 11 of the Act by which the House must approve an order laid before it, or the order ceases to have effect (this resolution constitutes that approval).