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BANKING REGULATIONS COMPLIANCE IN BRITISH INDIAN OCEAN TERRITORY REAFFIRMED BY ACTING COMMISSIONER

Transparency and Compliance with Financial Regulations

In a move to ensure transparency and compliance with financial regulations, the Acting Commissioner of the British Indian Ocean Territory (BIOT) has issued a notice directing the publication of revised ordinances and regulations on the BIOT Administration website.

Notice Issued by Acting Commissioner

The notice was signed by Nishi Rajendra Dholakia on March 26, 2024. According to the notice, the following materials will be published:

  • Revised Ordinances and Regulations of the British Indian Ocean Territory as at September 1, 2020: With the exception of Chapter E.
  • Chapter E of the Revised Regulations as at March 26, 2024: This chapter will also be made available.

Purpose of Publication

The publication is in accordance with Section 11(3)(a) of the Law Revision Ordinance 2015. The aim of this move is to provide a comprehensive overview of banking regulations compliance in the BIOT. The enhanced transparency and facilitation of compliance by financial institutions operating in the territory are expected outcomes of this initiative.

Conclusion

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By publishing these revised ordinances and regulations, the Acting Commissioner has taken a significant step towards ensuring transparency and compliance with financial regulations in the British Indian Ocean Territory. This move is expected to benefit both local and international financial institutions operating in the region.