Regulation of Banks, Trust Companies and Company Managers

In the British Virgin Islands banks, trust companies and company managers have been regulated since 1990. The jurisdiction has adopted the view that effective supervision attracts rather than deters the type of high quality business sought in the British Virgin Islands. Prospective licensees are screened before being permitted to practise. The British Virgin Islands has not attempted to become an offshore banking jurisdiction.

The Territory’s involvement with and membership of the Caribbean Financial Action Task Force, the Offshore Group of Insurance Supervisors and the Offshore Group of Banking Supervisors are testimony to this vigilance.