BVI FSC Creation & KPMG Review 2000. Part Two.

continuing from The main purposes of BVI FSC

After publishing the report the official statements came. They expressed that it has been mutually agreed that the Overseas Territories will give priority to three particular recommendations stated in the KPMG report. These three priorities for action are as follows:

• legislation for the establishment of independent regulatory authorities;
• any necessary enhancements to their laws and systems for combating money laundering;
• introducing legal powers that would allow regulatory authorities to get key information and share it with overseas regulators to assist their investigations.

The UK authorities took the responsibility to work with each Overseas Territory in order to put suitable measures in place. They expected to see the necessary steps being substantively in place already by 30 September 2001.

The British Virgin Islands was one of the offshore jurisdictions about on the review as well as public statements were.

As you know, FSC in the BVI was established in December 2001.

So, make conclusions on whether the review served as catalyst or more than that yourselves.