Digitalization of AML laws in BVI

There is a saying that “time and tide wait for no man”, and the same is true for the ever-changing ecosystem of the financial services industry – you simply cannot stop the wheels of commerce from turning. And when they turn, the surrounding legal framework must keep pace and embrace the evolving environment as fast as it is practically able to

Given the speed at which market conditions demand that business must be transacted today, financial technology and e-commerce are paramount in ensuring that clients receive the desired result within the required timeframe. In this regard, British Virgin Islands (BVI) corporate vehicles are very popular due to their flexibility and practical application.

BVI companies have been used for a broad range of purposes in the past 35 years, and the one constant denominator throughout that time is the fact that legislation in the BVI has kept pace with worldwide legal evolution, and still remains at the forefront of modern day transactions.

Mirza Manraj is a counsel, investment funds and regulatory at Harneys in Hong Kong and Philip Graham is a partner and head of BVI investment, funds and regulatory at Harneys in the British Virgin Islands. They can be contacted at mirza.manraj@harneys.com and philip.graham@harneys.com