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BVI To Act On Panama Papers Revelations

by Jason Gorringe, Lowtax.net, London
07 April, 2016

The British Virgin Islands has expressed concern at reported "misuse" of BVI structures, as revealed by the leak of the so-called Panama Papers.

The BVI Government said it "actively investigates issues of non-compliance and works with foreign competent authorities to detect, prevent, and prosecute illegal activities, ensuring that our laws are enforced and action taken transparently when we identify wrongdoing."

The BVI "has always taken action when service providers have been proven to be non-compliant. To this end, in the wake of these reports, we will pursue a thorough investigation through the BVI's competent authorities, and further action will be taken, where necessary."

"Our regulatory regime is rigorous and it adheres to every initiative of the Organisation for Economic Co-operation and Development (OECD), the Financial Action Task Force (FATF), and other international standard setting organizations."

The BVI Government emphasized that it plays "a constructive role in the furtherance of international transparency, information exchange, and anti-money laundering initiatives at the highest levels" and continues "to work closely with the UK and other governments internationally to help progress the financial reform agenda."

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