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BVI Shrugs Off Recent Financial Services Criticism

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

The Premier of the British Virgin Islands, Orlando Smith, has reiterated his Government's commitment to the territory's financial services industry.

Smith stated, "Our financial services industry remains strong and our commitment to it is rock solid." He added that "in partnership with the industry, the Government will remain focused on what matters most – creating value for all industry stakeholders."

Smith said that as a leading international financial center, the BVI has "long understood and embraced" its unique responsibility to work with nations around the world to combat the flow of illegal money across the global financial system. "Our track record in this regard is unimpeachable," he said.

Smith gave an overview of the various transparency, information exchange, and anti-money laundering initiatives and measures the BVI has committed to, including adhering to every initiative of the Organisation for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF).

He pointed to the territory's strict anti-money laundering rules, due diligence policies, Know Your Client protocols, and domestic laws. He also made reference to the membership of the BVI financial regulator to the International Organisation of Securities Commissions, the global standard setter for the securities sector.

Smith said the territory represents an essential and legitimate component of global trade and world finance. He added that clients and stakeholders can be confident that the BVI remains a safe, secure, stable, competent, and flexible jurisdiction to service their needs.

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