British Foreign Secretary Talks on UK-Caribbean Forum

The British Foreign Secretary William Hague announced that he will lead delegation of UK ministers and senior officials to attend the UK-Caribbean Ministerial Forum. Hague said the commitment to coincide with the government's review of its relationship with the UK Overseas territories which include the Caribbean territories of the British Virgin Islands, the Cayman Islands, Anguilla, Bermuda, Montserrat and the Turks and Caicos Islands, is a sign of the strength the United Kingdom attaches to its 'enduring friendship' with the Caribbean territories. He said: “We believe this will herald a transition to a more modern, dynamic and forward looking affiliation.”

The British Foreign Secretary expressed his opinion that a modern relationship between the UK and Caribbean territories should centre around three principles: first, it should be a modern partnership, an equal relationship that should be based on the shared history and culture and at the same time set the right tone for the twenty-first century. Secondly, the countries need a dynamic partnership that provides real benefits for their citizens. And, finally, the UK's relationship with the Caribbean countries should be a broad-based partnership that involves business, civil society and ordinary people.

Hague also noted that this forum is an “invaluable opportunity for the UK to work with its partners in the Caribbean region for a strong, equal and prosperous partnership based on shared ideals and mutual understanding.”

BVI Government Plans to Concentrate on Financial Services and Tourism

Premier and Minister of Finance Dr. D. Orlando Smith has said in his New Year's message on Facebook that in developing the economy of the British Virgin Islands there would be two major traditional pillars – tourism and financial services. He added that the BVI government “will also focus on supporting our small businesses because keeping them afloat is critical to our economic well-being.”

Premier Smith also spoke about the challenges which are to be responded this year: “We have challenges ahead but with those challenges come new opportunities for us to break away from old ways of thinking and forge new paths for ourselves as a people and as a territory.”

Tenth Anniversary of British Virgin Islands Financial Services Commission

This week, there was the 10th anniversary since the British Virgin Islands Financial Services Commission had been established as an independent regulatory authority for the international financial centre. In December 2001, the Financial Services Commission Act was passed that formally created the Financial Services Commission on 2 January, 2002.

Since that time, the Commission has successfully operated as the body responsible for the regulation, supervision and inspection of all financial services business conducted in and from within the British Virgin Islands. The Registry of Corporate Affairs is a division within the BVI Financial Services Commission that administers the BVI Business Companies Act.

Before the creation of the Financial Services Commission, the financial services industry within the British Virgin Islands was regulated by the BVI government through the Financial Services Department under the Ministry of Finance. All responsibilities previously handled by Government through the Financial Services Department have been taken by the Commission since its establishment.