Tuesday, March 11, 2008

BVI Included in the List of Leading Financial Centres

Some days ago, the British Virgin Islands were for the first time included in the Global Financial Centres Index published by the City of London; thus, the status of the BVI as an international financial centre was confirmed.

The Global Financial Centres Index is based on about 19,000 assessments from business professionals worldwide, - including sensitivity to changes in people, business environment, market access, infrastructure and general competitiveness. The other important factor is how consistently different respondents think of one centre, also one of the most important criteria is the regulatory environment of the territory. The BVI is ranked 27th among 69 leading international finance centres. Respondents also noted the stability of the jurisdiction, having placed it by this factor just behind Zurich, Hong Kong and the Isle of Man.

Robert Mathavious, Managing Director / CEO of the British Virgin Islands Financial Services Commission, has positively evaluated the confirmation of BVI's status as a leading global finance centre by practitioners from across the world. He also said that the BVI has taken the necessary measures to protect its integrity and reputation as a well-regulated international finance centre, and to deter and confront financial crime.

Further on, Robert Mathavious talked about the enhancement of regulatory regime, by supplementing new anti-money laundering legislation “setting out procedures for identification, recording and reporting of transactions, and by publishing a detailed anti-money laundering and terrorist financing code of practice”. Also, he mentioned the extensive handbook on international co-operation and information exchange that was published for law enforcement officials and regulators, with the purpose to explain the statutory mandates and regulations established in the BVI to foster and improve international co-operation.

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