Thursday, May 29, 2008

Robert Mathavious Speaking on the BVI Regulatory Environment During his Visit to the Middle East

On May 22, the Financial Services Commission has published on its site the speeches of BVI FSC managing director and CEO Robert Mathavious when he presented the Regulatory Environment in the British Virgin Islands during his visits to Dubai and Qatar, to the business communities of these countries. The presentations had the purpose to deepen their understanding of BVI's approach to the regulation, and of the benefits this approach brings for offshore jurisdiction's customers.

The presentation included information on the BVI Financial Services Commission in the role of independent regulator, on the FSC's approach to the regulation, and on the other related items. Robert Mathavious specially pointed out that the BVI FSC is not any kind of governmental institution, but an independent regulatory body, the duties of which cover insurance, banking, trustee business, company management and mutual funds sectors, as well as administration of companies registration, limited partnerships and intellectual property, and any kinds of non-banking financial intermediary services.

The head of the Commission named the three building blocks in the regulation approach – pragmatism, consultation and investment. The main objectives within the FSC and within the financial industry in the BVI mentioned by Robert Mathavious were the effective and appropriate training and development of staff and the recognition of the importance of professional qualifications. Programmes and procedures to counter money laundering and terrorism financing were also among the Commission's priorities.

Another item touched upon in the presentation is the good reputation of the British Virgin Islands, which is achieved by the jurisdiction's active engagement in all international initiatives, and by “active and balanced response to meeting international concerns”.

In his speech, Robert Mathavious referred to the last months event that confirmed the status of the BVI as a leading and competitive global finance centre – the inclusion of the offshore jurisdiction in the Global Financial Centres Index published by the City of London. This index is based upon 19,000 assessments from business professionals worldwide, and the BVI was placed in the 27th place among 69 financial centres, just behind Gibraltar, the Cayman Islands and Dubai.

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