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 you are aware, the start of this week has been quite interesting and challenging for our financial services sector, an industry that we have long been fighting hard to defend due to report raises by the International Consortium of Investigative Journalists (ICIJ) of the Panama Paper, particularly regarding alleged abuse or misuse of BVI structures.
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.
The British Virgin Island’s response to global warming and its engagement with the EU on Financial Services were stated recently during meetings of the Overseas Countries and Territories Association (OCTA) and European Union (EU).
The Financial Services Implementation Unit (FSIU) is ensuring that the BVI Forward campaign designed to further strengthen the financial services sector, has support on both sides of the House of Assembly.
Financial Secretary Mr. Neil Smith has updated Financial Institutions on the new amendment to the Mutual Legal Assistance (Tax Matters) Act, 2003 which incorporates the Common Reporting Standards (CRS).
The Financial Services Implementation Unit (FSIU) in partnership with the Ministry of Education, is pressing ahead with plans to strengthen financial services education in the Territory to improve the future industry related skills of the BVI workforce.