Sunday, March 05, 2006

Was BVI FSC Creation a Reaction to KPMG Review 2000?

In accordance with the official version of FSC – no. FSC considers that this recommendation served as a catalyst in bringing the Commission to fruition, however it would not be accurate to say that FSC was a direct response to the KPMG report.

Let's have a look at its history.

In 2000, as ordered by the UK and the Caribbean Overseas Territories and Bermuda, the independent review was made by KPMG. The goal – assessing the extent to which these Caribbean offshore tax havens comply with international standards and good practice in regulating their international financial sectors. The review was the analysis of the position of each offshore country individually in terms of the extent and range of financial business conducted and the effectiveness and strength of their regulatory regimes.

This review was published in October, 2000.

To be continued tomorrow.

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