The Government of the British Virgin Islands is very concerned by the issues that the International Consortium of Investigative Journalists (ICIJ) report raises, particularly regarding alleged abuse or misuse of BVI structures.

Our regulatory regime is rigorous and it adheres to every initiative of the Organisation for Economic Co-operation and Development (OECD), the Financial Action Task Force (FATF), and other international standard setting organisations.

We play a constructive role in the furtherance of international transparency, information exchange and anti-money laundering initiatives at the highest levels and we continue to work closely with the UK and other governments internationally to help progress the financial reform agenda.

This includes commitments made at December's Joint Ministerial Summit with the United Kingdom (UK) Government on beneficial ownership to enhance cooperation between UK and BVI law enforcement authorities.

The BVI actively investigates issues of non-compliance and works with foreign competent authorities to detect, prevent and prosecute illegal activities, ensuring that our laws are enforced and action taken transparently when we identify wrongdoing.

BVI has always taken action when service providers have been proven to be non-compliant. To this end, in the wake of these reports, we will pursue a thorough investigation through the BVI’s competent authorities, and further action will be taken, where necessary.

The BVI plays a lawful, legitimate and important role in facilitating capital flows and foreign direct investment around the globe.

For us it is vitally important that our international partners and clients are confident, and remain confident, in our system of regulation, and to that end we continue to undertake reforms in line with international requirements.