On 20 June 2019, the British Virgin Island Financial Account Reporting System Administrator issued an important notice stating that the Financial Account Reporting System error has been resolved and the system can now accept uploaded documents and XML filings (Link).
The new extended deadline to satisfy the reporting obligations for the 2018 financial reporting year is 31 July 2019. This deadline is applicable to all reporting Virgin Islands Financial Institutions; it is also relevant for Nil filings and to Trustee Documented Trusts with reportable accounts. The updated Reportable Common Reporting Standard (“CRS”) Jurisdictions List is available on the BVI information webpage (Link). Those BVI Financial Institutions who have not been able to complete their filing obligations are encouraged to do so now to ensure that their filings are submitted well in advance of the extended deadline.