Monday, April 25, 2011

BVI Delegates to Participate in Caribbean Hotel & Tourism Conference

The 15th Annual Caribbean Hotel & Tourism Investment Conference (CHTIC), which will take place in Jamaica on May 10-12, will attract plenty of financial industry executives, developers and financiers as parties that are interested in taking advantage of the next big growth stage in the Caribbean tourism industry. Also, the Conference will be attended by government officials, investors, lenders, architects, financial organizations, real estate/mortgage intermediaries and other organizations and persons related to tourism.

By words of Alec Sanguinetti, director general and CEO of the Caribbean Hotel & Tourism Association, potential delegates from the British Virgin Islands can take advantage of the Caribbean Hotel & Tourism Investment Conference to meet with investors and other delegates conducting business in the Caribbean region.

The program of the Conference will include the keynote address of Edmund Bartlett, Minister of Tourism for Jamaica, named “Tourism Investments…Key to Caribbean Growth.” Also, the President of Caribbean Hotel & Tourism Association Josef Forstmayr will also speak at the opening ceremony upon the importance of investments in the Caribbean jurisdictions to help maintain their economic stability.

Tuesday, April 12, 2011

Offshore Group of Banking Supervisors Extends its Role and Rebrands

The Offshore Group of Banking Supervisors has decided to rebrand itself the 'Group of International Finance Centre Supervisors’ (GIFCS). This decision followed the broadening of the role of the Group as a representative on behalf of numerous offshore financial centres in issues related to financial sector regulation standards. According to GIFCS chairman Colin Powell, the change has been made to reflect more accurately the current scope of the Group's activities.

Powell also said, “When the OGBS was formed in 1980, through the initiative of the Basel Committee on Banking Supervision, its mandate was limited to banking supervision. With the passage of time the Group has been increasingly recognized by relevant international organizations as a representative body that is also making a valuable contribution to combating money laundering/terrorism financing, the regulation of trust and company service providers, and most recently the regulation of hedge funds.

The GIFCS has observer status with the FATF on Money Laundering and Terrorist Financing, it also has a close working relationship with the Basel Committee. The Group plays active role in promoting compliance with international standards.

In 2002 the Group of International Finance Centre Supervisors published a best practice paper of trust and company service providers. Recently it has produced a paper on hedge fund regulation, and has sought to establish a working relationship with International Organization of Securities Commissions (IOSCO).

Beside the British Virgin Islands, the members of the GIFCS are Aruba, Bahamas, Barbados, Bermuda, Cayman Islands, Cook Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macau China, Mauritius, Panama, Samoa, Vanuatu and the Central Bank of Curacao and Saint Maarten. The new member jurisdictions are included in the Group if they meet certain conditions relating to their commitment to the relevant international standards.