Asset Tracing in the BVI

The short answer to this is that since the BVI’s legal system is rooted in the English system, more often than not the remedies are broadly the same.

In connection with civil claims and on the assumption that BVI jurisdiction can be established as a prerequisite, the BVI Court is able to grant a variety of interim and final remedies to trace and preserve assets and documentation, obtain evidence and allow recovery to ensue.

Additional powers have also been created by the Territory’s own legislation:

• The Inspector of Banks and Trust Companies is able to demand access to certain books and records and, in certain circumstances and can disclose these as well as other information to overseas regulators, courts and third parties;

• The Insurance Commissioner has similar powers;

• The Royal BVI Police Force Financial Investigation Unit is able to investigate suspected money laundering activity and has extensive power to obtain information. The Proceeds of Criminal Conduct Act 1997 also allows the BVI Court to grant confiscation orders against those convicted of an offence and who have benefited from criminal conduct; and

• The Registrar of Mutual Funds is able to demand information and access to books and records in connection with discharging his statutory duties.

This note is only intended as a brief insight into asset tracing. For more information please contact us using the links below.