Friday, April 02, 2010

IMF Team to Visit the BVI Territory

An International Monetary Fund (IMF) team will visit the British Virgin Islands territory for two weeks starting from April 12 in order to make a review of the financial systems of the British Virgin Islands. By words of the Managing Director of the BVI Financial Services Commission Robert Mathavious, the IMF team is expected to conduct “the most exhaustive, thorough and potentially intrusive report the Territory has ever had.” During the first week the IMF team will be gathering information through interviews and site visits, and the second week will be spent on compiling the report.

Robert Mathavious said that the Commission is going to give the visitors "100 percent access" and asked the private sector to comply with requests for information made by IMF team. He expressed his optimism about the results of the visit, because great efforts were made to implement many of the recommendations since the IMF's 2002 visit. The BVI FSC Director also said that “the whole international financial community will be looking at the report and will be governed by the type of report that we have gotten.”

By words of BVI FSC Deputy Director, Investment Business, Glenford Malone, the IMF team comprises individuals with specific expertise in areas that will be assessed, namely, core banking principles, asset management, international business, crisis management and the overall financial stability in the British Virgin Islands.

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