Saturday, February 27, 2010

Robert Mathavious Addresses the Public with BVI Financial Services Industry Outlook

On February 18, 2010, Managing Director/CEO of the BVI FSC Robert Mathavious presented the outlook for the BVI's local financial services industry. He talked about the steps and measures the Commission has taken to move forward the BVI financial services industry, while the global view of offshore finance centres is no more positive now than it was some months ago.

After signing “more than the requisite number” of Tax Information Exchange Agreements (TIEAs) the jurisdiction has been moved to the white list of the Organisation for Economic Cooperation and Development (OECD).

However, by words of Mr. Mathavious, this is not the end of challenges, because much should be done to comply with international standards. The OECD intends to confirm that jurisdictions have the legal and regulatory framework to implement the TIEAs signed by them, and BVI's framework is due to be reviewed in the first half of 2011.

Among the last year achievements of the Commission, Robert Mathavious named excellent report by the CFATF, listing of BVI companies on the HK Stock Exchange; also, the review of British OFCs was positive for the BVI, and the high standards of the jurisdiction against money laundering and the financing of terrorism have been confirmed by the FATF's International Co-operation Review Group.

Robert Mathavious said that the legislative developments of the jurisdiction have been designed to ensure that the jurisdiction meets international requirements.

During the course of this year, the Commission is going to undertake “outstanding measures” to comply fully with the CFATF recommendations. The Commission has issued guidelines on the approved persons regime and has completely revised the guidelines and operating procedures of Licensing and Supervisory Committee to streamline its processes and procedures and make it more responsive. The BVI FSC expects that the industry is to adhere to the requirements so as to comply fully with the provisions stated in the Financial Services Commission Act.

No comments: