The British Virgin Islands (BVI) expects to bring the Trustee (Amendment) Bill into force soon. The Bill’s provisions in effect introduce beneficial ownership registers in respect of express trusts. It amends s.92 of the Trustee Act to significantly expand the current information retention obligation imposed on relevant trustees, although bare trusts and personal representatives are exempt.
Trustees must also take 'reasonable steps' to disclose this information to BVI competent authorities, unless it is protected by legal professional privilege, to satisfy the recommendations of the Financial Action Task Force's mutual evaluation report published earlier in 2024.
新聞連結：【2024/9/25 Walkers】