Brazil listed under Schedule 2 of BVI Code of Practice
The Republic of Brazil has been listed by the British Virgin Islands (BVI) under Schedule 2 of its Anti-money Laundering and Terrorist Financing Code of Practice 2008.
This listing means that BVI’ authorities recognize that Brazil has put up in force certain legislation equivalent or similar to those of the British Virgin Islands in terms of money laundering and terrorist funding prevention and combat.
As a direct effect therefrom, BVI companies willing to do business with Brazilian companies are not required to perform a full due diligence on its clients as they otherwise would if Brazil was not listed in Schedule 2.
Despite the listing, however, BVI and Brazilian companies shall observe other BVI legal provisions when establishing a commercial engagement, partnership, or conducting businesses amongst themselves.
Brazil has also been listed under the BVI’s Securities and Investment Business Act as a recognized jurisdiction, allowing officers of a Brazilian fund to be accepted by BVI’s Financial Securities Commission.
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