ROADTOWN Tortola BVI, February 7th, 2013 - In reaffirming the BVI International Finance Centre’s role to further enhance and promote the reputation of the Territory, IFC Executive Director Ms. Elise Donovan, shared the department’s mandate with key members of the financial services private sector at the Society of Trust and Estate Practitioners (STEP) luncheon on January 30.
Ms. Donovan told attendees, “It is the responsibility of the IFC to ensure that the interests of the private sector are aligned with the Government’s and that we can continue to build on our success.”
During her presentation, Ms. Donovan acknowledged the recent rise in criticism directed towards offshore centres in the wake of the global financial crisis. She said there had been a number of attacks on the BVI from some elements of the international media, but in many cases these reports were based on speculation and misperceptions.
To this end, Ms. Donovan said, “We are taking these threats to our reputation very seriously. Our first objective is to ensure that the BVI is in a position where both its competitiveness and reputation are maintained.”
Ms. Donovan also highlighted the standards set by the BVI, stating, “In June of last year, the UK Government stated that territories which meet financial sector international standards should be free to continue to compete in international markets without discrimination. The BVI in particular was singled out for its commitment to accountable, transparent and prudent financial management.”
She continued, “The Financial Stability Board, Chaired by Mark Carney, further endorsed this in November 2012 by acknowledging the efforts taken by the BVI to meet the International Monetary Fund standards of international cooperation and transparency.”
Referring to remarks made by BVI Financial Services Commission’s (FSC) Mr. James Wadham, Ms. Donovan said it was the partnership of Government, FSC and the private sector that will ensure the BVI financial services industry continues to thrive in the years ahead.
“The BVI has always set the highest standards in legislation and regulation as recognised on the international stage. We have striven to get the right balance that works best for private sector and the Government. We will protect our licence to operate and build on our success and reputation for future generations,” she said.
Ms. Donovan concluded by assuring the private sector, “I want us all to share the ambition of the BVI’s financial services industry and to be optimistic about what we can do and to get about doing it. We must work so that the BVI is not perceived as part of the problem, but part of the solution.”
The BVI International Finance Centre’s mission is to further enhance and promote the Territory’s reputation so that the BVI is recognised as a globally integrated and responsible financial services jurisdiction.
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