Last year the British Virgin Islands
extended its list of ‘recognised Jurisdictions’ to include Andorra, Monaco, St Lucia and Uruguay. These countries are now considered to have money laundering regulations on par with the British Virgin Islands and their inclusion in the list means that there is reduced due diligence measures between them and the BVI.
The British Virgin Islands now recognises fifty six jurisdictions in total with similar laws and regulations warranting the reduced measures including Cyprus, Dubai, Isle of Man and a number of other popular offshore jurisdictions
There are various other countries and financial organisations with their own set of recognised jurisdictions and when engaging in financial activities between these it is important to take into account whether or not any activity falls under these lists in order to fully appreciate the vigilance and assessment required in order to comply with possible increased due diligence measures.
If you would like more information regarding establishing a company in any number of jurisdictions and the possible implications of these lists on the due diligence measures when conducting your business please do not hesitate to contact us