UK Financial Team Visits the BVI Territory

The team from the UK Treasury, led by the Head of the UK Government Independent Review of British Offshore Financial Centres, has come to the territory with the aim to hear first-hand the BVI government's opinions on the review, and the importance of the offshore financial services to the BVI territory. During its visit, the UK team is going to hold talks with the Premier O'Neal, with Deputy Premier Dancia Penn, with Robert Mathavious - the Managing Director of the Financial Services Commission; also with Kathleen Quartey - Attorney General, and Neil Smith - Financial Secretary.

Hon. Ralph O'Neal, the Premier of the British Virgin Islands, welcomed the delegation, and expressed confidence of the BVI Government that “the BVI (financial) centre and its regulatory system will perform well under any international scrutiny." By words of the Premier, the review would also give the opportunity to demonstrate that they have a robust finance centre of the highest reputation.

Actually, the purpose of the UK Government Independent Review of British Offshore Financial Centres is to identify opportunities, current and future risks in financial supervision, transparency and taxation, in relation to financial stability, sustainable future competitiveness, financial crisis management and international co-operation. The Review was announced as part of the British government's budgetary process.

Before traveling to Tortola, the UK team had discussions with financial services officials in the Cayman Islands and Bermuda.