The Territory is said to be on its way to becoming one of the best regulated financial services jurisdictions in the world.

His Excellency the Governor Mr. John S. Duncan, OBE made the pronouncement at a recent press briefing to mark his second year in office.

Governor Duncan said he credits this accomplishment to the Territory’s response to challenges to its Financial Services industry and the measured approach by the Territory’s leadership.

He said, “As someone who has spent much of my previous career as a negotiator, I would like to pay tribute to the way the Premier, Dr. D. Orlando Smith, OBE and his team, supported by the various responsible local institutions, notably the Financial Services Commission under the leadership of Dr. Robert Mathavious, responded to this challenge.”

The Governor added, “Their measured yet steadfast stance and willingness to engage constructively have led us to a place where by the end of this year, the Virgin Islands will be one of the best regulated jurisdictions in the world. A place where companies involved in developing the global economy can continue to manage the risks of foreign direct investment, where the individual's right to privacy is protected, but also a place where money-laundering and criminal activity can be dealt with effectively.”

Governor Duncan said the issue of the future regulation of financial services of the Territory’s has consumed much of his time and energy and that he had been involved in the debate since being attached to the Overseas Territories Directorate in London before arriving in the Virgin Islands.

His Excellency reminded the media that the role of the Governor is to strike a balance between the views of Her Majesty’s Government in the United Kingdom, those of the Government of the Virgin Islands and the aspirations of the people of the Virgin Islands’.