The Government of the Virgin Islands will be setting up a Miscellaneous Purpose Fund following the amendment of the Financing and Money Services Act, 2009.

The Act passed in the House of Assembly on April 17 will allow for licenced money transaction companies to collect a transaction levy amounting to 7% of the gross amount of money that is being transmitted by persons from the Territory.

The funds collected will be paid to a Commission on a monthly basis and will be transferred to the miscellaneous purposes fund to be set up by the Government of the Virgin Islands.

Twenty percent of the fund will finance programmes benefitting seniors in infrastructure, assistance programmes and other initiatives subject to the prior approval of Cabinet.

Educational programmes including scholarships specifically in medical, hospitality, fishing and agriculture and other initiatives will receive twenty percent of the proceeds subject to the prior approval of Cabinet.

A further twenty percent will finance programmes in the Agriculture Industry including infrastructure, assistance programmes and other initiatives subject to the prior approval of Cabinet.

The Act also states that programmes in the Fishing Industry including its infrastructure, assistance programmes and other initiatives, will also be financed with twenty percent of the proceeds subject to the prior approval of Cabinet, while the final twenty percent will go in support of a land bank and first time home owners, subject to Cabinet’s approval.

The Government of the Virgin Islands will continue to put programmes in place to enhance the lives of the people of the Territory.