Thursday, November 25, 2010

Leaders of BVI and other Overseas Territories Met with UK Foreign and Commonwealth Office Minister

Last week, leaders from the overseas territories met with the minister for the overseas territories of Britain’s Foreign and Commonwealth Office (FCO) Henry Bellingham. On this meeting, during their visit in London on the annual meeting of the Overseas Territories Consultative Council (OTCC), they discussed the number of issues of mutual concern, including commercial and economic development of the overseas territories in the Caribbean region, transport, environment and passport issues. They also discussed possible UK assistance in the areas of criminal justice.

There was a separate session on financial services and the sector of public finance, where the UK and the Caribbean territories including British Virgin Islands agreed on the importance of complying with international financial sector standards on tax transparency, financial regulation and anti-money laundering/counter terrorism financing. They agreed that these standards must be applied without discrimination. It was also decided that overseas jurisdictions should take forward work on a framework for fiscal responsibility.

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