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BVI Calls For Level Onshore, Offshore Playing Field

by Mike Godfrey, Lowtax.net, Washington
24 June, 2016

The British Virgin Islands has called for a level playing field internationally between onshore and offshore jurisdictions.

Permanent Secretary in the Premier's Office Brodrick Penn made the call at a meeting of international finance centers (IFCs) that are also small island developing states in the Commonwealth.

Penn said: "The Commonwealth as an institution can play an important role in advocating for a level playing field in the financial services sector in support of its smaller jurisdictions."

The meeting of IFCs held from June 20-21 was organized by the Commonwealth Secretariat and included the BVI and other jurisdictions. Discussions were held on the importance of IFCs to the world economy, along with the positive role the Commonwealth can play as an advocate for small jurisdictions and as a platform to amplify their voice in international forums.

The meeting also focused on correspondent banking and de-risking, the Panama Papers, base erosion and profit shifting (BEPS), and blacklists.

The Commonwealth Secretary-General, Patricia Scotland, addressed the participants and reiterated the Commonwealth's support for its small states.

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