Last month, the British Virgin Islands (BVI) government amended the Financial Investigation Agency Act 2003 to grant extensive new powers to the financial authorities. The Financial Investigation Agency can now freeze bank accounts for five business days without waiting for a third party's request, conduct dawn raids on premises to seize information where the party has failed to comply with a disclosure notice, compel persons to give evidence under oath and enforce new non-compliance penalties including fines and imprisonment.
News Source：【Collas Crill 2021/09/02】
