What is a Legal Person or a Legal Arrangement

For the purposes of the AMLTF Code of Practice, a legal person refers to a body corporate. The Explanatory Notes to section 25 of AMLTF Code of Practice stipulates that a legal person covers bodies corporate including partnerships, companies, foundations, anstalts, Waqf, associations, any incorporated or unincorporated clubs, societies, NPOs, friendly societies established pursuant to the Friendly Societies Act (Cap. 268), provident societies or cooperative societies established pursuant to the Cooperative Societies Act (Cap. 267), and any similar bodies.

A legal arrangement refers to a trust or other similar arrangements such as:

• fiducie
• treuhand, and
• fideicomiso.

In the Virgin Islands, trusts are the only legal arrangements that are established.