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Criminal Sanctions In BVI For Trustees Failing to Maintain Trust Records

by Mike Godfrey, Lowtax.net, Washington
24 April, 2015

Maples and Calder has published a summary of recent changes to British Virgin Islands (BVI) law in respect of trustee's obligations and criminal sanctions.

Maples and Calder is an international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands.

According to Maples and Calder the new legal requirements (effective from the beginning of this month) provide that every trustee must maintain records and underlying documentation for each trust for at least five years. The records do not have to be kept in the BVI but need to be "sufficient to show and explain the trust's transactions" and "enable the financial position of the trust to be determined with reasonable accuracy".

Failure to maintain the necessary records without lawful or reasonable excuse may result in liability to a fine not exceeding USD100,000 or to imprisonment for a term not exceeding five years.

The changes come out of the Trustee (Amendment) Act, 2015 and follows similar amendments in respect of partnerships and companies.


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