Banking in the British Virgin Islands
Located in the Eastern Caribbean region, the British Virgin Islands are an English speaking Dependent Territory of the United Kingdom. The Islands are politically stable and possess a well-developed commercial and professional infrastructure.
The government has strengthened and enhanced legislation to prohibit the formation of offshore banks on the Island and has in return reduced money laundering activities greatly. As a result of its highly flexible and modern legislation BVI has become extremely popular in the offshore market.
BVI Financial Services Commission Core Duties
- (a) Protect consumers by ensuring that all firms and individuals authorised to provide financial services in and from within the BVI are competent and financially sound;
- (b) Police the perimeter of regulated activities and instigate and pursue enforcement actions against any individual or business that violates BVI financial services laws;
- (c) Monitor and detect financial crime and assist in the prosecution of such crime;
- (d) Sustain domestic and international confidence in the BVI financial services industry and contribute to the industry’s growth and development;
- (e) Ensure a fit and proper regulatory environment in which financial institutions provide quality products and services for the economic benefit of the BVI;
- (f) Improve public understanding of the benefits and risks associated with financial products;
- (g) Consult with the industry and government on financial services legislation, regulations, supervisory policy and practices;
- (h) Provide a system of continuing education for financial service practitioners;
- (i) Monitor the effectiveness of financial services legislation;
- (j) Facilitate innovation in financial services; and
- (k) Take account of the international nature of financial regulation and the financial services business: this includes maintaining regular contact with foreign regulatory authorities.
BVI Financial Services Commission Licensed Banks
(as of December 2008)
Banco Popular de Puerto Rico
First Caribbean International Bank
Firstbank Virgin Islands
London International Bank and Trust Company Ltd
National Bank of the Virgin Islands Limited
The Bank of East Asia (BVI) Ltd.
Rathbone Bank (BVI) Limited
Scotiabank (British Virgin Islands) Limited
VP Bank (BVI) Limited
Source: Offshore Library & BVI Financial Services Commission