British Virgin Islands: Offshore Trusts Guide
Supervisory and Licensing Regime and Fees
Specifically, the BVI reacted to the November, 2000 KPMG Independent Review of Financial Sectors in the Caribbean Overseas Territories. The three main recommendations of the KPMG report which apply to the BVI were the establishment of an independent regulatory authority, the enhancement of laws and systems for combating money laundering and the enactment of compulsory investigative powers to enable regulators to obtain and to share vital information with overseas regulators.
Companies offering trust services must be licensed under the Banks and Trust Companies Act 1990, and supervised by the Inspector of Banks, Trusts and Company Managers.