Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, is confident in the strength of the Territory’s financial services industry and has reiterated the Government’s commitment to it.
The British Virgin Islands (BVI) was unanimously elected as one of the Vice Chairs of the Caribbean Development Cooperation Committee (CDCC), a permanent subsidiary body for of the United Nations’ (UN) Economic Commission for Latin America and the Caribbean (ECLAC).
Madam Speaker, I have just updated this Honourable House with where we are in strengthening our Financial Services structure. Now I would like to put things into a different perspective focusing more on the value of the BVI to the global economy.
Madam Speaker we are all aware that BVI is home to a Financial Services Industry that is of global pre-eminence. The core of this industry is our company incorporation business which is revered the world over as it is used to facilitate a myriad of international business transactions.
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.