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.
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.
BVI Financial Institutions (BVIFIs) are notified that the BVI Financial Account Reporting System (BVIFARS) will be ready to accept UK CDOT or UK FATCA filings by Monday, May 2.
The Government of the Virgin Islands remains committed to ensuring that financial institutions in the Territory adhere to established international standards.
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.
