Roadtown, Tortola - “The BVI is a model financial centre,” said Premier Honourable Ralph T. O’Neal, OBE as he addressed the local media at a Press Briefing today, following the completion of the review mandated by the United Kingdom Government.
The Independent Review of British Offshore Financial Centres was conducted by Mr. Michael Foot of the UK Treasury.
At today’s Press Briefing, Honourable O’Neal said the BVI has been compliant with international standards. “The BVI has always maintained adherence to all international standards of financial regulation and co-operation, and in fact has secured in the past recognition from Governments such as Australia and the United Kingdom that we already meet current standards of regulation and international co-operation,” the Premier stated.
The BVI’s operation as a financial centre is widely recognised as well-regulated and the Premier attributed this to Government’s “robust public policy commitment” and its ongoing commitment to do its part in the “global fight against money laundering and the financing of terrorism.”
Honourable O’Neal cited the review as “an opportunity to demonstrate to the global community the regulatory standards and the robustness of our finance centre.”
Acknowledging concerns about the potential outcome of the G20 London Summit as it relates to tougher regulations, the Premier said it is important “for all jurisdictions to work together to ensure that there is a proper framework of global financial regulation which has to be based on a level playing field.”
He affirmed the BVI’s readiness “to be part of the process to contribute to policy developments in this area. BVI will as ever, implement any new global standards that emerge.”
In his comments, Mr. Michael Foot said it is important that the UK and its powerful global partners recognise the role of financial centres such as the BVI in global capital markets. Mr. Foot also acknowledged the Premier’s call for the creation of a level playing field.
“My report will be making clear that while it deals with just nine jurisdictions, you can not look at that subset alone, you have to look at the likes of Switzerland, Singapore, Luxemborg and others because they are the international comparison.
Also in attendance at today’s Press Briefing were Deputy Premier Honourable Dancia Penn, OBE, QC and Mr. Robert Mathavious, Managing Director and Chief Executive Officer of the Financial Services Commission.
In her remarks, Honourable Penn expressed immense pride in the Territory’s financial services sector. “We have done our best to make sure that we met all the all the international best practices, all of the international standards and we remain very committed to continuing to do that,” she said.
Mr. Mathavious is confident that out of the review, the BVI will emerge ever stronger as a financial centre. “Yes, there will be areas which will be identified where we ought to be doing better; there will be cause for legislative changes and we will have to re-examine some of the ways we do certain things.”
Announced in the 2008 Budget, the UK Government Independent Review of British Offshore Financial Centres identifies opportunities and current and future risks in financial supervision, transparency and taxation, in relation to financial stability; sustainable future competitiveness; financial crisis management and international cooperation.
British Virgin Islands News