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BVI Financial Services Strategy On Track

by Mike Godfrey, Lowtax.net, Washington
20 May, 2016

The British Virgin Islands' BVI Forward plan is succeeding in reinvigorating the territory's financial services industry, according to the findings of a recent progress review.

Two consultants from McKinsey and Company, which provided 10 recommendations on how to support the future growth of the financial services industry, visited the British Virgin Islands to follow up on the work of the BVI Financial Services Implementation Unit, which is implementing the plan.

FSIU Director Kedrick Malone had requested the review exercise. He welcomed the firm's feedback, which he said had served to validate that the unit is performing as expected.

"It was important for us to take a step back from the daily activities and assess exactly where we are in terms of the overall effectiveness of the implementation of the recommendations. We have been working steadfastly on all the initiatives, with some advancing at a faster pace than others. With McKinsey's help we were able to examine all that has been done thus far and ensure that everything is aligned to the overall objectives," Malone said.

He added: "The strategic guidance provided by the McKinsey consultants affirmed that we are on the right track. As we are now moving out of the initial phase of identifying specific actions to be implemented, we wanted to make sure we were on target as we begin to execute. The industry and wider community can now look forward to concrete changes beginning in the coming weeks."

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