17 Nov 2016
The British Virgin Islands independent regulator, the Financial Services Commission (FSC), has fined the local arm of the Panama Papers law firm, Mossack Fonseca, $440,000 for its contravention of numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI Regulatory Code.
The fine, which is the largest ever issued by the FSC, relates specifically to failures in record keeping, risk assessment and adequate updating of customer due diligence by Mossack Fonseca & Co (BVI) Limited.
Commenting, Premier Dr Orlando Smith, said, “Today’s enforcement action clearly demonstrates the effectiveness of the territory’s independent regulator, the seriousness with which it tackles any breaches of its code and, through the adjustments made to its risk assessment framework, an ongoing commitment to strengthening its regime to ensure this remains fit for purpose.”
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