The British Virgin Islands Financial Services Commission (FSC) is fully aware of and concerned by the issues that have surfaced by the International Consortium of Investigative Journalists’ (ICIJ) recent investigative reporting and the compliance implications for BVI licensees.
As regulators, our main priority is to ensure BVI licensees are well regulated and adhere to our regulatory standards. As soon as we became aware of these issues we initiated our investigative processes. We require and promote the highest standard of conduct among our licensees and we will fully evaluate the allegations before us and determine if actions are needed to address any contravention of our laws.
The financial services sector in the British Virgin Islands is consistently acknowledged to be well regulated and our legislative and regulatory practices meet benchmarked international best practice standards. We adhere to relevant initiatives of the Organization for Economic Co-Operation and Development (OECD), the Financial Action Task Force (FATF) and other international standard setting organizations.
We are firmly committed to the full and effective implementation of internationally established standards concerning combating money laundering and all other forms of financial crime and we will continue to assist foreign authorities around the world through our mutual legal assistance processes to continue to comply with established legal obligations.
For further information, please contact:
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016