The British Virgin Islands has approved legislation addressing the European Union's concerns over its financial services sector, the local goverment announced. The Economic Substance (Companies and Limited Partnerships) Act, 2018, passed the House of Assembly on Dec. 19, ahead of the Monday deadline set by the EU for the BVI and other financial centers, according to the statement released BVI premier and minister of finance D. Orlando Smith. Penalties to be hurled at financial services providers who do not comply with requirements of the BVI's new Economic Substance Act will com...
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