Statement from the BVI International Finance Centre

~~Adz:Right~~ TORTOLA, B. V. I - Reference is made to the recent testimony given to the Senate Finance Committee as part of its Hearings entitled: The Cayman Islands and Offshore Tax Issues, in which a number of jurisdictions, including the British Virgin Islands (BVI), were criticized for lack of transparency.

BVI law provides avenues for accessing information for regulatory and law enforcement purposes.  As a participating partner in the OECD’s Global Forum on Taxation, the BVI committed to the OECD’s principles for effective exchange of information and transparency.   The BVI has also concluded a Tax Information Exchange Agreement (TIEA) with the US in April 2002 allowing exchange of information in both criminal and civil tax matters. 

In addition, the British Virgin Islands Financial Services Commission (FSC) developed and published, in association with the BVI Government, a Handbook on International Cooperation which details the procedures for preparing and submitted requests for mutual legal assistance in the areas of financial services, law enforcement, enforcement of foreign civil judgments and service process and tax information exchange.  The arrangements contained within it have existed for some time but the Handbook makes them easily accessible.