Madam Speaker, I would like to provide this Honourable House with an update on the issue of beneficial ownership, which is of great importance to our financial services industry and wider economy.

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE is in Dominica for the 62^nd Meeting of the Organisation of Eastern Caribbean States (OECS) Authority being held from November 17 to November 20. 

His Serene Highness Prince Albert II of Monaco visits with the BVI delegation at the Monaco Yacht Show on 23^rd September. 

Representatives from the European Union’s (EU) Overseas Countries and Territories (OCT) will gather in Saint Martin from October 5 to 7 to brainstorm the challenge of diversifying economies with innovation.

The establishment of the unit was among recommendations outlined by international consulting firm, McKinsey and Company which was commissioned to develop a strategic plan to chart the future of the financial services industry.

The Government of the Virgin Islands is advising all British Virgin Islands Reporting Financial Institutions that the FATCA deadlines for the United Kingdom and United States of America have been extended.

In providing more information to the Territory’s residents on the United States (U.S.) Foreign Accounts Tax Compliance Act (FATCA, the Government of the Virgin Islands has invited a FATCA specialist to deliver special presentations to individuals affected by the United States law.

Madam Speaker, a few sessions ago I came before this house and give a statement on the Foreign Account Tax Compliance Act (FATCA) and the effects that it would have on the Government and the people of the Virgin Islands. In this statement I described briefly the rationale behind FATCA and how it would be expected to affect the industry and private citizens here in the Virgin Islands.

The Government of the Virgin Islands has taken another step towards improving its profile of cooperation in the global landscape.

Madam Speaker, after fully analyzing the nature, scope and contents of the US Foreign Account Tax Compliance Act (FATCA) and the United Kingdom’s version of the same (referred to as “the UK FATCA”), I am pleased to announce that the Government of the Virgin Islands has decided that in concert with concluding negotiations leading to an Agreement with respect to the UK FATCA as a matter of prior