(a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the Money Transmission Revolving Fund (“Fund”). The Commissioner of the Virgin Islands Department of Finance (“Commissioner”) shall administer the Fund as a separate and distinct fund in the Treasury of the Virgin Islands, and no amounts in the Fund are available for expenditure or disbursement except as provided in this section.
(b) The Fund consists of all sums collected under section 518(a); public or private monetary grants, gifts, donations, bequests, or devises; and all sums the Legislature of the Virgin Islands appropriates to the Fund.
(c) Pursuant to title 33 Virgin Islands Code, chapter 117, section 3336, the Commissioner shall deposit the Fund monies into interest-earning accounts, and the earned interest must be deposited into the Fund.
(d) To meet the needs, goals, and objectives of the Division of Banking, Insurance and Financial Regulation (“Division”) in monitoring and enforcing compliance with Virgin Islands law as it relates to money laundering, electronic transmission of funds, fraud, and related activities, upon authorization of the Division, the Commissioner of Finance shall, upon appropriation of the Legislature of the Virgin Islands, disburse money from the Fund for operating expenses.