A formal notice was published last Friday, January 6, by the Financial Services Authority (FSA) of Saint Vincent & the Grenadines (SVG) regarding a new set of requirements for Business Companies (BCs) and Limited Liability Companies (LLCs) engaging in FOREX business activities. The said notice provides for the following with immediate effect:
- Companies that wish to engage in FOREX activity need to provide a certified copy of the requisite licenses from the jurisdiction(s) where their business activities will be performed.
- Companies that are already registered in SVG and engage in FOREX activity will be provided 45 days (until March 10, 2023) to provide the FSA with a certified copy of the requisite licenses from the jurisdiction(s) where their business activities will be performed.
The FSA notes that failure to follow these requirements will lead to sanctions against the mentioned type of companies.