BVI Given Top Tier Rank By Financial Stability Board
by Mike Godfrey, Lowtax.net, New York
01 January, 2014
The British Virgin Islands (BVI) has been ranked as a top tier financial jurisdiction by the Financial Stability Board (FSB) in its latest evaluation on the adherence of all countries and jurisdictions to global regulatory standards.
According to the FSB's annual assessment, the BVI has demonstrated "sufficiently strong adherence" to internationally agreed information exchange and cooperation standards in the areas of banking supervision, insurance supervision and securities regulation.
Premier and Minister of Finance of the British Virgin Islands, Orlando Smith, said: "This rating is another testament to the strength of the BVI's independent regulator. We (BVI) take a zero-tolerance approach to financial crime and I commend the work of the regulator in ensuring the continued compliance of the BVI to international standards."
The BVI Financial Services Commission (FSC) was established in 2001 as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI. The FSC plays a key role in reducing financial crime and preventing market abuse while safeguarding the privacy and confidentiality of legitimate business transactions.
The FSC was recently endorsed by UK Member of Parliament, Mark Simmonds, who said the BVI regulator was "extremely impressive" and will "ensure that the British Virgin Islands has the highest possible international reputation."
The Financial Stability Board, established in April 2009, coordinates at the international level the work of national financial authorities and international standard setting bodies and develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies. The FSB is chaired by Mark Carney, Governor of the Bank of England.
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